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NY Surpasses US$1B in Online Sports Betting Revenue

New York State is currently reaping the rewards from the introduction of its online sports betting market earlier this year. The latest reports from the New York State Gaming Commission confirm a weekly gross gaming revenue of US$33 million for the week of October 23, 2022. This number has now put the total gross gaming revenue above the US$1 billion market since launch.

The Empire Stateโ€™s mobile sports betting market commenced online operations on January 8, 2022. Despite operating under a limited operator model and a high tax rate of 51% for sportsbooks, the local sector has already become the number one regulated online sports wagering jurisdiction in the U.S. Since its launch its total gambling activity has already surpassed U$10 billion.

More Than US$1B in GGR

Just recently, the New York State Gaming Commission, which oversees the local internet market, published its latest weekly report on it. Data confirmed that for the week that concluded on October 23, 2022, the nine digital sportsbooks generated a weekly handle of US$365,676,278 and US$33,596,424 in gross gaming revenue. Thus, moving the total GGR since launch slightly above US$1.03 billion.

Sen. Joseph P. Addabbo Jr. who was one of the main lobbyists for the introduction of mobile sports betting said that the US$1 billion in gross gaming revenue is a tremendous achievement. He stated that the milestone is an incredible milestone for the state in the timespan of just 10 months, and the vast majority of the funds have gone towards the stateโ€™s educational budget, gaming addiction programs, and youth programs.

For the week of October 23, 2022, there were no surprises in terms of operator performances as FanDuel still holds the first spot for most handled bets. For the week, the operator had US$145 million of the total wagers, with DraftKings being closed second with US$126 million, Caesars Sportsbook third with US$45 million, and then BetMGM with US$24 million.

FanDuel also leads the charts for the most generated GGR for the week of October 23, 2022. The sportsbook collected the most with US$15,213,894 out of the total of US$33,596,424 for the state. DraftKings was second with U$10,841,852, followed by Caesars Entertainment with US$3,835,624, and BetMGM again at fourth with US$1,828,807 for the said week.

The total wagering handle for the week of October 23, 2022, is significantly higher than the previous report of October 16, 2022, with US$323 million in wagered bets online. For the said week, operators had an 11.5% hold of the market share. For the said week, FanDuel collected the largest tally of GGR with over US$20.2 million in proceeds.

iGaming is a Matter of Time

After the inclusion of legal online sports betting, New York lawmakers are also working on legalizing online games for the state. And its inclusion seems more and more likely. Speaking on the matter, State Senator Addabbo indicated that he will make it among its top priorities for the 2023 state budget. However, it would take some time to make it a reality, said Mr. Addabbo.

Source: Linnehan, Robert โ€œNew York Online Sports Betting Gross Gaming Revenue Tops $1 Billionโ€ Elite NY Sports, October 27, 2022