New York Sports Betting Numbers Are Staggering
Most states that have legal sports betting don’t report numbers until the end of the month. New York has chosen to do things a bit differently as they are providing updates and reports as time goes on, and the numbers continue to be staggering.
Online sports betting in New York officially launched on Jan. 8, and things got off to a quick start. Sportsbooks in the state have not slowed down since that time, and the total betting handle from Jan. 17-23 was $572.6 million.
The New York State Gaming Commission had predicted some huge sports betting handle numbers, and the state was also hoping to see a large amount of revenue. Gross gaming revenue from that period was $43.2 million, which amounted to $22 million in taxes for the state.
Launching sports betting during the NFL Playoffs allowed New York to get off to a tremendous start, but the size and population of the state has helped as well. This launch of online betting is also going to impact New Jersey, as that state had been the biggest market in the United States.
Caesars Leading the Way
DraftKings and FanDuel are the two market leaders with online sports betting in the United States, but Caesars is actually leading the way in New York. For the period of Jan. 17-23, Caesars Sportsbook posted a total handle of $229.7 million and a gross gaming revenue of $19 million.Caesar’s has been New York’s most profitable sportsbook, earning a total handle of $229.7 million from Jan. 17-23.
FanDuel New York was next on the list at $159.7 million, and that operator had a revenue of right around $10 million. DraftKings Sportsbook came in with a handle of $131 million, and it surpassed FanDuel with a gross gaming revenue of $10.8 million.
There were just four online operators available at the start, and BetRivers has quickly fallen behind the leaders. BetMGM launched on Jan. 17, and it got off to a solid start with $40.6 million in total betting handle.
PointsBet Sportsbook launched on Jan. 24, and that operator will be included in the next report.
New York Taking Top Spot
When the final totals from January are reported, New York should top the list of states with legal sports betting in terms of handle and revenue. The total betting handle in New York for January is already $1.17 billion, and the total revenue is more than $91.4 million.
New Jersey holds the record with a monthly handle of more than $1.3 billion, but New York should easily surpass that total. At this point, it’s fair to wonder if New York will become the first state to hit a total betting handle of $2 billion for a single month.
Adding up the totals from the first two weeks, Caesars has posted a total betting handle of $487.4 million, and FanDuel is next on the list at $360 million.