NY mobile sports betting handle nears $2.0bn in opening 30 days

| By Robert Fletcher
Players in New York wagered just under $2.00bn (£1.48bn/€1.76bn) in the first 30 days since the state launched its legal online sports betting market.

A total of $1.98bn was bet in the period between 8 January, when the market opened, and 6 February, according to figures released by the New York State Gaming Commission.

Consumer spending included more than $600m on football, $540m on basketball and almost $80m on ice hockey.

The latest figures from the Commission also revealed that gross gaming revenue for the first 30 days of legal online sports betting in the state reached $138.5m. At a 51% tax rate for the state, this meant more than $70.6m in tax revenue was generated during the period.

GeoComply, which works with licensed sportsbooks in New York to ensure the geolocation requirements of players, also said more than 1.76 million unique player accounts were utilised for over 187 million transactions during the period.

Last week, it was revealed that New York already surpassed the US monthly handle record in the first 23 days of legalisation, when the $1.63bn wagered by consumers beat the $1.30bn spent in New Jersey in October 2021.

New York governor Kathy Hochul welcomed the figures, saying in the space of one month, it is clear how legal online sports wagering can support New York’s economy moving forward.

“Over the past month, we’ve seen how mobile sports wagering can be an economic engine for New York, driving significant funding to our schools, youth sports, and so much more,” governor Hochul said.

“As this new industry continues to grow, New York will make sure we have the resources and guidelines in place to make it a success for all.”

Breaking down each licensed operator’s performance, Caesars Sportsbook retained its early lead, processing $702.7m in bets in the first 30 days, posting $64.7m in revenue.

Flutter Entertainment-owned FanDuel was second with a $632.0m and $30.2m in revenue, then DraftKings with a $454.9m handle and $35.8m in revenue.

BetMGM took $112.3 in bets and turned $3.7m in revenue, though it did not launch in New York until 17 January. Caesars, FanDuel, DraftKings and Rush Street Interactive (RSI) all went live on opening day (8 January).

PointsBet, which only launched on 25 January, took $41.7m and reported $2.5m in revenue.

RSI, however, posted a $40.9m handle and $1.6m in revenue, despite having been live since day one in the state’s legal market.

WynnBet, the online arm Wynn Resorts, is also now active in New York, but did not go live until 7 February, one day after the end of the 30-day reporting period.

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