The New York sports betting market continues to impress the industry as more sportsbooks launch in the Empire State, while consumers take advantage of the different promotions that are being offered. The average betting volume has only picked up as the weeks went by since mobile sports betting launched throughout the state.
New York First Successful Month of Sports Betting
It will take a long time for any state to challenge the records set by the Empire State in its first 30 days of business. Since the state went live, the total sports betting handle has exceeded $1.98 billion. This contributed to more than $138.5 million in revenue and $70.6 million in state taxes.
Gov. Kathy Hochul applauded the record-setting numbers that the Gaming Commission has released. The sports market having success is great news for everyone involved. She stated;
“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…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.”
As noted, the Empire State has the highest tax rate in the industry that is slated at 51 percent. As the fiscal taxes show, 98 percent of the taxes generated will be funneled into education. One percent will be headed to youth sports, and another one percent will go towards gambling education and treatment.
Sportsbooks That Had the Most Success in the First Month
Caesars had the biggest risk-free bet promotion when the New York sports betting market launched. The operator is currently leading in both total handle and revenue compared to the other competitors in the market. The handle is currently at $702.7 million and $64.7 million in revenue.
However, the sportsbook lead is slipping as each day passes by. FanDuel was second with $632 million in handle and generated $30.2 million in revenue. The reason why FanDuel is catching up is that the online provider brought in a market share of 36.2 percent of the $359.8 million in wagers for the week ending on February 6th.
DraftKings brought in a handle of $454.9 million in handle and $35.8 million in revenue. DraftKings had a successful week ending on February 6th as they took in a market share of 34.1 percent.
BetMGM was fourth with a handle of $112.3 million and revenue of $3.7 million. PointsBet was one of the newer sportsbooks to enter the market but had the fifth-highest total handle of $41.7 million and brought in $2.5 million in revenue.
BetRivers had a total handle of $40.9 million, and a revenue total of $1.6 million. WynnBet, which is currently on sale, only brought in $251,356 in wagers.
According to GeoComply, there were more than 1.76 million unique player accounts that had a combined total of 187 million transactions since the launch date. Football accounted for $600 million in wagers for the first 30 days. Basketball made up $540 million and nearly $80 million on hockey.
There is no question that New York’s mobile sports betting launch has affected neighboring states, especially New Jersey. New Jersey will report its numbers on Wednesday.
