New York mobile sports betting operators break billion-dollar handle mark in first month
New York’s mobile sports betting operators have accepted more than $1 billion in wagers in just more than two weeks. That’s according to data recently released from the state’s Gaming Commission.
Through the week ending Jan. 23, New York reported a total handle of nearly $1.18 billion. When combined with the handle from the retail sportsbooks at the four commercially licensed upstate casinos, New York is about $100 million shy of breaking the record for monthly handle by a single U.S. state.
New Jersey set the mark with $1.3 billion last October, and it took the Garden State more than three years to reach $1 billion for a monthly handle total.
New York did not allow operators to launch until Jan. 8.
The mobile sports betting operators have reported $91.4 million in gross gaming revenue from the bets they have taken. New York State taxes operator revenues at 51% of their winnings.
The data from New York is not necessarily surprising. It is currently the largest state in terms of both population and gross domestic product to allow mobile sports betting statewide.
Taxes collected from January should mean New York will surpass the $249 million in revenue mobile sports betting was forecasted to generate for fiscal year 2022, which ends in March. That figure includes $200 million in licensing fees the state has already received. By the 2026 fiscal year, the state expects mobile betting to generate more than $500 million in tax revenue.
For the week ending Jan. 23, the sportsbooks reported a handle of $572.6 million, with $43.2 million in revenue. The handle represents an increase of more than $140 million from the first full-week total of $431.8 million, which generated revenues of $34.8 million.
Six of the nine operators the Gaming Commission approved have launched their apps.
Caesars Sportsbook leads all operators in both handle and revenues. It has accepted $487.4 million in wagers since being one of the first four apps to launch on Jan. 8. It also has reported revenues of $41.8 million.
FanDuel is currently ranked second in both handle, at $360 million, and gaming revenues, at $24.2 million. DraftKings has taken $265.5 million in wagers and won $21.7 million.
BetMGM, which did not launch until Jan. 17, reported a first-week handle of $40.6 million and revenues of $2.5 million.
BetRivers has reported a handle of $11.6 million and revenues of $1.2 million since it launched in New York on Jan. 8.
New York approved four other operators last fall. That includes PointsBet, which launched in the state last Monday. Others awaiting final clearance to roll out their apps are Resorts World Bet, Wynn Interactive and BallyBet.
In an interview on CNBC last week, Bally’s Corp. Chairman Soo Kim said the gaming company’s sports betting app would not launch in New York until some time in April.
This article was originally posted on New York mobile sports betting operators break billion-dollar handle mark in first month
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