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New York Online Sports Betting Revenue is on the Rise Again

New York sports bettors have been busy wagering around Christmas, reports the New York State Gaming Commission. In its latest weekly report, the regulator informs that for the week that concluded on December 25, 2022, online sportsbooks have seen a slight decrease in wagering handle. However, despite the slightly lower volume, revenue has spiked substantially.

It should be noted that the Empire State’s mobile sports betting market officially kicked off operations on January 8, 2022. And despite not being around for too long, the local sector has quickly transformed into one of the top jurisdictions for regulated online sports wagering in the U.S. For the 2022-23 FY, it has already handled US$11,188,945,820 in digital bets.

Volume Drops but Revenue Spikes

In its latest weekly report, the New York State Gaming Commission confirmed that for the week that ended on December 25, 2022, the market’s nine sportsbooks have generated a total wagering handle of US$352,605,950. This betting handle is slightly lower than the previous week’s one when operators recorded mobile sports wagers in the volume of US$359,569,388.

Meanwhile, despite the lower betting activity for the said week, the gross gaming revenue has had a major improvement on the one from the previous week when operators had a mere US$9,988,187. For the December 25 week, the nine sportsbooks contributed to a total GGR of US$37,802,013. As per state law, online sports betting revenue is taxed at a hefty 51%.

There were no surprises when it comes to operators’ performances during Christmas week. FanDuel was once again leading the pack, as the local brand generated the largest sports wagering handle for the week with US$151,416,609 in bets. This amount translated to US$19,546,515 in gross gaming revenue, a major improvement on its US$3,994,316 from the previous week.

Then in second was DraftKings which managed to accumulate a handle of US$106,618,740 and US$10,950,054 in pre-tax revenue. The sportsbook’s handle was a decrease on the US$120,798,094 from the prior week, but its GGR was almost five times larger than its US$2,955,043 from the previous week. Meanwhile, Caesars Sportsbook remained third with US$45,812,402 in handle and US$3,510,595 in gross proceeds.

Future Plans for the Local Industry

In the summer of 2022, New York Assemblyman J. Gary Pretlow spoke on the possible advancement of the Empire State’s gambling industry. The Co-Chair of the New York Assembly Committee on Racing and Gaming shared that he wants sports wagering customer phone lines as well as the addition of more online sportsbooks to the mobile landscape.

Local lawmakers have also heavily discussed the legalization of online casino games in the state. And according to a report from VIXIO GamblingCompliance, its introduction could be quite beneficial for the state. Early estimations suggest that the new offering could bring US$428 million every year and quickly surpass online sports betting.

Source: “Mobile Sports Wagering ReportsGaming.NY.Gov, December 2022