New York Sports Betting Sets New Record

The Empire State has once again been awarded the “Triple Crown” of the top spots in terms of monthly sports betting handle, operator winnings, and state tax generated in sports betting. The New York State Gaming Commission reported a record-breaking $211.7 million in revenue from sports wagering in the United States for January.

New York’s revenue figure surpassed the previous record of $209.1 million set by Ohio when it began in January 2023, driven by FanDuel becoming the first mobile sportsbook to achieve $100 million in monthly revenue with roughly $109.2 million. Since sports betting became legal in states other than Nevada in May 2018, there have only been two monthly totals above $200 million in the post-PASPA period.

The previous record for revenue in New York as of the end of 2023 was $189.3 million. The total for January increased by 11.8 percent month over month and was 41.2 percent greater than the beginning of the previous year due to the 10.8 percent hold, which was more than 2.4 percentage points higher.

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A total of $107.9 million in revenue was received by the state in January, more than $31.6 million more than in the first month of 2023. The total dropped $35.6 million short of that milestone for a fourth consecutive month in January, which was about the only thing New York gamblers did not do. The state has been running a $2 billion monthly handle for quite some time. Even still, handling increased by 9.3 percent over the same period in the previous year, when it was a record-breaking little over $1.8 billion.

FanDuel has been the first to accomplish each $10 million milestone since Caesars Sportsbook was the first mobile book to reach $50 million in monthly revenue during the January 2022 debut. It topped $80 million at launch in 2023 and over $90 million at closing. The record follow-up in January was achieved thanks to a 12.6 percent hold on bets of around $867.1 million.

With a 19.3 percent year-over-year rise in handle, FanDuel’s market share of handle increased from 40.9 percent to over 44.3 percent, accounting for more than 51.6 percent of the mobile revenue. Because FanDuel’s win rate was more than 1.3 percentage points greater than it was in the first month of 2023, revenue increased by more than one-third. FanDuel’s numbers to New York surpassed $800 million in total as a result of the $55.7 million tax bill for January.

DraftKings, the perennial competition to FanDuel, made an effort to stay up, setting a record-breaking winnings total of just under $71 million and securing a 10.7 percent hold on the $664.8 million handle. These numbers fell short of the milestones reached by the Massachusetts-based book during the first week of February, when it crossed the $1 billion mark in total handle and all-time revenue.

With a flourish, BetMGM also ushered in 2024, breaking the $10 million revenue mark for the first time by less than $12,500. It had an 8.4% grip on more than $118.8 million in handle, accounting for more than $2.7 billion of bets accepted in the Empire State. Caesars didn’t reach $200 million handle for a third month in a row, but it extended its run of eight-figure revenue totals to five with winnings of more than $13.6 million.

In 25 months of digital betting, the 10.8 percent total mobile win rate was the fifth to reach 10 percent; Resorts World was the only other mobile book to achieve a double-digit hold. WynnBET came out ahead by more than $358,000 on a handle of over $8.8 million, preventing a third straight losing month. However, its hold percentage of 4.1 percent was the lowest among the nine betting apps.

The only other book with a hold percentage of less than five percent was Bally Bet, but its record monthly handling of almost $9.4 million was also sufficient to set a monthly income record of almost $426,000. With $50.1 million in handle and $3.5 million in income, BetRivers completed the top five, while PointsBet kept more than $2.6 million of the $31.7 million in wagers received thanks to an 8.3 percent win rate.

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