New York’s Monthly Sports Betting Revenue Exceeds $3 Billion

New York Sports Betting Revenue Surpasses $3 Billion

A recent sports betting revenue report in New York revealed that the state achieved a major milestone, surpassing $3 billion in revenue for the last month. The New York Gaming Commission released the adjusted gross revenue for the week ending January 21, which totaled more than $47.5 million.

Significantly, New York and New Jersey are currently the only states to exceed $3 billion in monthly revenue. In December, New York saw its highest monthly revenue ever, reaching $189.3 billion.

The popularity of betting apps in New York has also soared, with last week being the seventh most successful since the launch in January 2022, generating nearly $30 million in revenue. The previous week had set a record with a revenue of $67.3 million.

The NFL divisional round playoffs played a key role in driving revenue, with the handle reaching $490.7 million, making it the week with the sixth-highest revenue ever.

The report indicated that the adjusted gross revenue was positive for all operators in the state. As a result, New York is expected to earn more than $24.2 million in taxes, as the state has a 51% tax rate for mobile betting.

Among the operators, FanDuel emerged as the most successful, earning more than $25 million in just one week. It is on track to potentially join a short list of only four states in the country that have exceeded monthly revenue of nine figures. The value of the handle for FanDuel was $610.8 million.

DraftKings also achieved substantial success, becoming the only operator to reach $1 billion in revenue. BetMGM and Bally Bet were also successful, earning more than $2.2 million and $2 million in handle, respectively. Resorts World and WynnBET also saw significant handles, with the latter achieving $2.2 million.

Other operators such as PointsBet, BetRivers, and Caesars are on track to achieve significant milestones with their respective revenue and handle figures.

Overall, New York’s sports betting market is experiencing remarkable growth and success, solidifying its position as a key player in the industry.