New York has gone over $1 billion in online sports betting handle during each of its first fourth months in business.
Online sportsbooks in the Empire State combined for $334.5 million in handle during the week ending April 24, bringing the monthly total to $1.1 billion.
That follows $1.7 billion in January, $1.5 billion in February and $1.6 billion in March.
Overall, NY online sportsbooks have combined for $6 billion in handle since the industry went live Jan. 8. As a result, the industry has generated $412.3 million in total gross gaming revenue and $210.3 million in tax revenue at a 51% tax rate.
Weekly revenue breakdown for NY sports betting
FanDuel Sportsbook NY ($145.3 million in handle) continued its domination in the Empire State, owning an industry-best 43.4% market share April 18-24. It also crushed bettors with a 14.6% hold to claim $21.2 million in total GGR.
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Meanwhile, DraftKings New York ($78.2 million in handle, $7.2 million in total GGR) remained in second with a 23.4% market share. Overall, NY online sportsbooks have combined for nearly $70 million in total GGR over the last two weeks off $647.7 million in handle.
Statewide, handle has remained relatively steady, although April seems as if it may conclude as the lowest-handle total for New York sports betting since launch.
Slow sports calendar awaits NY sports betting
Handle has stayed under $400 million over the last five weeks. And it will be interesting to see how online sports betting in New York fares following the Super Bowl and March Madness.
There is still plenty to bet on, including the MLB season and the NBA and NHL playoffs. But the promotional spend certainly isn’t what it used to be.
Online sportsbooks in New York won’t be getting their desired tax reduction this year, with the state continuing to rake in tax revenue at a record rate. Still, NY online sports betting operator expansion could eventually take place down the line, leading to a reduction as a result.
Specifically, Sen. Joe Addabbo and Assemb. Gary Pretlow will be pushing for an expanded sports betting menu. As it stands, NY online sports bettors cannot wager on player future awards like MVP, Cy Young and the Heisman. New Yorkers could also not bet on the NFL Draft.