New York on Top of Sports Betting Industry
The sports betting totals from the final week of January in New York are in, and we now have a new leader in the clubhouse. The total sports betting handle for New York in Jan. was $1.625 billion, which easily shattered the previous record set by New Jersey.
New Jersey has not yet announced its totals for January, but it’s pretty clear that it will not be able to match what was brought in at New York sportsbooks. This is even more impressive because New York didn’t even launch online sports betting until Jan. 8.
New York was able to collect $57.6 million in tax revenue in January, thanks in part to a 51 percent tax on all sports betting revenue for sportsbooks. This state was expected to put up some massive numbers, but no one could have predicted the totals would be this impressive.New York earned $57.6 million in tax revenue from sports betting in January.
There were just four online sportsbooks available on Jan. 8, but that number grew up to six by the end of the month. Retail sports betting is also available, but the online sportsbooks are expected to see a majority of the action.
Caesars Leading the Way
FanDuel Sportsbook actually had the most betting action for the final week of January, but that was the first time that the operator was on top of the market. There is a clear group of leaders in New York, and it includes DraftKings and Caesars along with FanDuel.
For the entire month of January, Caesars led the way with a total betting handle of more than $615 million. Caesars also led the way in total revenue as that total was $55.8 million.
FanDuel was second in total betting handle during the month of January with a total that was just over $501 million, and it posted a total revenue of $23.6 million. DraftKings came in third place for the month with a total handle of $367.7 million but had the second-highest revenue at $27 million.
WynnBET Now Available
WynnBET officially launched its online sportsbook on Feb. 4, becoming the state’s seventh online sports betting option. A soft launch occurred on Feb. 3, but the entire sportsbook and mobile app was ready on Friday.
This launch of the WynnBET Sportsbook comes when Wynn Resorts is actually looking to sell its sports betting arm for a price tag of $500 million. With the ability to offer online sports betting in New York, Wynn is expected to receive several offers.
There are now just two sportsbooks left to launch in New York, and an official launch date has not been announced for either company. Bally Bet is one of the operators still waiting to launch, but it does not intend to launch until at least April, so it can avoid offering huge bonuses.