The online sports betting money is already flowing into New York.
The four online sportsbooks in New York that went live on Jan. 8 — FanDuel, DraftKings, Caesars and BetRivers — produced a staggering $603.1 million in combined online sports betting handle through Jan. 16, according to information released by the New York State Gaming Commission on Friday.
Breaking down first week of NY online sports betting
The massive numbers come as no surprise. New York is a massive state with a massive appetite for legal online sports betting. And the NFL playoffs being in full swing has only added to the buzz.
Here’s a look at each individual operator’s online sports betting handle and gross gaming revenue:
|Sportsbook||Handle||Gross Gaming Revenue|
|Caesars NY||$257.7 million||$22.7 million|
|FanDuel NY||$200.4 million||$14.1 million|
|DraftKings NY||$134.4 million||$10.9 million|
|BetRivers NY||$10.6 million||$446,696|
|Total||$603.1 million||$48.2 million|
Pennsylvania held the record tax month so far with $23 million in November 2021, but that’s about to change.
With New York having a massive 51% tax rate, it already has pulled in $24.6 million in taxes.
We will see if NY can keep up these massive numbers as the sports calendar turns and promos for new users start dying down. However, this report certainly inspires encouragement as the state has the potential to become the No. 1 sports betting market in the US.
How big will NY online sports betting become?
New York added a fifth sportsbook Jan. 17 as BetMGM New York entered the mix. Adam Greenblatt, CEO of BetMGM, said the operator broke Day 1 launch records for any state in New York, so these big numbers may only pick up as the first month continues with two more NFL playoff weekends.
And PointsBet NY Sportsbook shouldn’t be far behind in its launch.
New Jersey ended 2021 with four consecutive months going over the $1 billion mark in sports betting handle. The Garden State set single-state records for handle during that time with $1.3 billion in October handle and $114.8 million in November revenue.
But it may soon have company for the top spot as New York may reach the $1 billion handle mark by the end of January, based on these early figures.