It took just over a year for online sports betting in New York to exceed $20 billion in accepted bets.
According to data released by the New York State Gaming Commission, NY sports betting operators combined for $442.7 million in handle for the week ending March 12.
With that, New York made history by reaching $20.2 billion in accepted wagers since the industry launched in January 2022.
FanDuel dominates as NY sports betting soars
No other state with legal sports betting has seen the rise enjoyed by New York since last year. In generating over $20 billion in bets in just over 14 months, NY sportsbooks have also racked up over $1.6 billion in gross gaming revenue, resulting in more than $850 million in state tax revenue.
Leading the way from near-Day 1 has been FanDuel Sportsbook NY. With its best week ever in New York, reporting $185 million in handle, FanDuel upped its lifetime total to nearly $8.2 billion, which accounts for over 40% of the state’s market share.
DraftKings Sportsbook NY, meanwhile, holds a 29% share at $5.9 billion lifetime following a $147 million week. And Caesars New York, following its best single week ($58.9 million) since last March, owns a 16% cut of the market. Those three operators combine for roughly 85% of the NY sports betting landscape.
How rest of 2023 looks for NY sports betting
As New York wrapped up a $16.2 billion 2022, it was estimated that the NY sports betting industry would reach just $13.9 billion the following year. But with larger-than-expected totals over the final two months of 2022 and another strong total in January, that projection adjusted to around $16.3 billion.
That falls in line following February revenue totals, which amounted to $1.47 billion in handle. That gave the state nearly $3.3 billion over the first two months of 2023, just ahead of the pace set a year ago.
More landmarks sit on the horizon for NY sports betting. Gross gaming revenue nears $2 billion, for example. But the biggest benchmark will occur within the next few months: State tax revenue topping $1 billion.