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New York Celebrates US$25B in Online Sports Betting Handle

New Yorkโ€™s newly introduced mobile sports betting market is once more writing history, as it reaches a milestone of US$25 billion in handle. This was done in less than 18 months, making the Empire State the quickest legal jurisdiction in the U.S. to achieve the number. The latest numbers were reported by the New York State Gaming Commission.

The Empire Stateโ€™s mobile sports betting kicked off on January 8, 2022, and it operates under a limited operator model, with just nine sportsbooks being able to operate within it. In its first 12 months, it generated just over US$700 million in tax revenue from wagering with another US$200 million coming off of operator licensing fees.

Hitting Another Milestone

According to the New York State Gaming Commission, from the start of the market until June 25, 2023, the state recorded a total betting handle of more than US$25.15 billion. Thus, making the Empire State the third U.S. jurisdiction to reach the US$25-billion mark after Nevada and New Jersey. However, it took NY only 18 months to do so.

The commission also released numbers for the week ending on June 25, 2023, with the nine digital sportsbooks clocking just US$16.3 million in revenue. The only slower week for revenue in 2023 was the second week in April when operators generated US$12 million. Meanwhile, the total betting volume for the week was US$267.6 million, the lowest for the current calendar year.

With no surprise, FanDuel and DraftKings remain the two most preferred operators when it comes to mobile sports betting in the state. DraftKings captured US$124.4 million for the week, hence overtaking FanDuel which clocked US$86.6 million. The two operators reported US$4 million in revenue, while the other got US$8.2 million in GGR, respectively.

In the meantime, in the third sport, Caesars Sportsbook collected US$26.2 million in bets, while reporting proceeds of US$2 million. Fourth was BetMGM which got US$16.3 million in volume and US$1.3 million in gross profits. Then, in fifths, BetRivers disclosed US$7.4 million in bets on its app, which rendered in US$406,000 in winnings before tax.

Another recent highlight from the local sector was Bally Betโ€™s announcement that it will be suspending its services in the Empire State. According to the company, this was due to the overhaul of its platform by implementing technology from Kambi. The operator said that the revamp should take a few months, and its re-launch will be gradual across the U.S.

Decision on Ads is Coming Soon

At the end of June, New York State Gaming Commission praised colleges and universities for concluding marketing partnerships with sportsbooks and said a decision on betting is coming soon. According to the regulator, there are no sports betting partnerships between operators and any colleges or universities in the state.

Source: Danzis, David โ€œNY Online Sports Betting Fastest Ever To $25 Billionโ€ PlayNY, June 30, 2023