It took New York less than a month to become the No. 1 online sports betting market in America.
Online sportsbooks in the Empire State have amassed a record $1.625 billion in handle through Jan. 30, according to new financial data released by the New York State Gaming Commission. The first betting apps launched on Jan. 8, meaning NY online sportsbooks set the record in just 23 days.
New York State Sen. Joe Addabbo told PlayNY.com in a Friday afternoon interview:
“We told the prior governor’s (Cuomo) administration — even the current governor (Hochul). This is the potential we have. That’s why it was so frustrating. Think about where we could’ve been (if we’d legalized online sports betting) two years ago. To watch all the money being siphoned out of New York and into New Jersey and Pennsylvania and illegally, and you’re like we could stop this, we could leapfrog over these people. We have that potential.
“And we had the governor going, ‘No, no, no. That’s unconstitutional.’ No, it’s not. That back and forth for two years — and I don’t like to go backwards, I like to go forwards — but oh my god I think of the money we lost over two years. And I don’t cry over spilled milk — I don’t do it often — but that was frustrating. Because you look at it right now, and I felt like saying to the previous governor, ‘I told you so just doesn’t cut it. It doesn’t come close. But I told you so.’
“I’m very happy for the people of New York that they get to experience something safely and regulated in their own state and it’s about time and that road is just so smooth that we can go ahead in with the Super Bowl and everything else but it’s we’ll see and it’s great numbers, solid numbers.”
New Jersey was the previous record holder for sports betting handle at $1.3 billion in October 2021.
Additionally, New York’s 51% tax rate generated a monthly record of $57.6 million in taxes for the state. For perspective, only four states have reported that much or more tax revenue in the last 44 months than New York did in 23 days.
Meanwhile, total NY revenues from online sports betting handle have totaled $113 million to date.
Here’s a look at how the operators have done so far, with Jan. 31 still to be recorded:
|Sportsbook||January Handle||Launch Date|
|Caesars NY||$615.5 million||Jan. 8|
|FanDuel NY||$501.8 million||Jan. 8|
|DraftKings NY||$367.7 million||Jan. 8|
|BetMGM NY||$78.1 million||Jan. 17|
|BetRivers NY||$32.2 million||Jan. 8|
|PointsBet NY||$29.5 million||Jan. 24|
Caesars takes lead in New York
Caesars Sportsbook will end Month 1 with the highest market share in NY. But after dropping its massive promo, the operator fell to No. 2 in handle behind FanDuel ($141.8 million to $128.1 million) for the week of Jan. 23-30. It will be interesting to see how this tracks as the months’ progress.
DraftKings NY remained in third ($102.2 million) for the week of Jan. 23-30.
Meanwhile, BetMGM in New York, which went live on Jan. 17, came in a distant fourth ($37.5 million). BetMGM certainly has name recognition, but the results may take a while to arrive.
PointsBet ($29.5 million) launched Jan. 24.
Expect big Super Bowl betting in New York
As of now, NY has seven operators live for Super Bowl betting on Feb. 13.
PlayUSA.com projects NY will finish No. 2 in handle after its first Super Bowl, just behind Nevada ($175 million to $160 million).
Nevada holds the current record for sports betting handle during the Super Bowl with $158.6 million wagered in the state, set in 2018 as the Philadelphia Eagles upset the New England Patriots 41-33 in Super Bowl LII.
It will be interesting to see how NY does in February overall, given the expected decline in promo spend among operators after the initial Jan. 8 launch push.
But given the Super Bowl is the biggest sports betting day of the year in America, another record isn’t off the table. Addabbo said:
“It’s exciting. It’s a good feeling. But then when you’re No. 1 you know what happens: people look to topple you. People look to grab at your heels and the idea is to kick them down and stay No. 1. It’s not easy. But when I look at New York, I say it’s doable.”