No Stopping New York Sports Betting
There were some massive projections for the online sports betting industry in Illinois, but all of those projections have been exceeded. New York sports betting is already the biggest online sports betting industry in the United States, and there is still plenty more growth coming.
The latest report comes from the period between January 31 through February 6, and there was $359.8 million in wagers placed at online sportsbooks during that time. There are many states throughout the U.S. that won’t even reach that handle total for an entire month and New York was able to pull it off in a week.
New York lawmakers finally agreed to legalize online sports betting to help bring in more revenue for the state, and that is exactly what has taken place. The total revenue for last week was $25.5 million, and the state was able to collect over $13 million.
From January 8 through February 6, the total sports betting handle in New York is $1.98 billion. New Jersey had been the only other state to hit at least $1 billion in monthly handle, but New York nearly hit the $2 billion mark in the first month.
With the Super Bowl counting towards next month’s totals, there is a good chance that the next report will show even bigger numbers.
FanDuel Starting to Take Over
One of the biggest reasons that this industry has really taken off in New York is the fact that some of the biggest operators have already launched in the state. FanDuel Sportsbook was the big winner during this most recent update, and it could ultimately continue to trend that way moving forward.
The total sports betting handle at FanDuel Sportsbook was $130.2 million during this time period in question. Despite the clear lead in terms of handle, FanDuel actually posted the third highest gross gaming revenue for the week.
DraftKings and Caesars were second and third on the list for that week, and the totals were extremely close. DraftKings posted a total sports betting handle of $87.25 million and Caesars was next on the list at $87.15 million.
WynnBET was last on this report but it only launched on February 4.
Caesars Still Overall Leader
The same three leaders that emerged last week have also been leading the way from the get-go in New York. FanDuel might have had the biggest week in the latest report, but it is Caesars Sportsbook that has been setting the tone in the state.
Caesars Sportsbook has posted a total sports betting handle of $702.6 million, and it also has a gross gaming revenue of more than $64 million. FanDuel has started to close the gap over the last two weeks, and it has a total handle of $632 million.