Last year, in its first month of legal online sports betting, New York put up the all-time monthly record for accepted bets. Now, the Empire State opened 2023 with yet another record high.
According to data released by the New York State Gaming Commission, NY sports betting generated nearly $1.8 billion in handle for the month of January — the single-biggest month of any US jurisdiction with legal sports betting.
While sportsbooks collected a state-high $149.4 million in gross gaming revenue, New York set another nationwide best with a whopping $76.2 million in state tax revenue. All told, since going live with betting apps in January 2022, online sportsbooks in New York have totaled almost $18 billionin accepted bets and nearly $769 millionin state tax revenue.
NY sports betting sets more records to start 2023
The long-awaited launch of online sports betting paid dividends in January 2022, as betting apps accepted over $1.6 billion in bets that helped lead to $63 million in state tax NY sports betting revenue.
A year later, the industry one-upped itself.
The 2023 calendar kicked off with a record $1.8 billion in handle last month. And with NY sportsbooks pocketing a state-high $149.4 million, the Empire State received $73.2 million in tax revenue that ranks as the highest ever recorded in US jurisdictions with legalized sports betting.
How January numbers affect 2023 outlook
This, of course, is a strong start to the new year. New York sports betting totaled a staggering $16.2 billion in handle last year. According to PlayNY projections in early December, the industry could reach $13.9 billion in 2023. Following strong November, December and January totals, that figure now adjusts to $16.3 billion.
That PlayNY outlook also estimated roughly $531 million in state tax revenue. As a comparison, the executive budget from Gov. Kathy Hochul earmarked some $896 million in tax revenue from online sports betting in New York.
The budget’s projection boils down to just under $75 million per month. New York has seen over $70 million just five times — each of the past five months. During that span, NY sports betting generated over $74 million in tax revenue on average. In total, through 13 months, the industry has averaged under $60 million.
How individual NY sportsbooks did in January
As per usual, FanDuel Sportsbook NY paced the nine-sportsbook field with $726.7 million in handle last month, while DraftKings Sportsbook NY reported $593.4 million. Both represent respective single-month highs in New York.
The only other operator to post monthly highs in both categories was PointsBet NY, which put up $57.9 million in handle and $3.1 million in revenue.
Other notable handle totals include BetMGM Sportsbook NY with $122.9 million (best since May), Caesars New York with $223.7 million (best since March) and BetRivers Sportsbook NY with $47.6 million for its highest monthly total since launch.