With $1.5 billion in online wagering, betting remains brisk even with expected post-football slowdown, according to PlayNY
(LAS VEGAS) — Wagering at New York’s sportsbooks slowed slightly in February, but the action remained brisk enough to post the second-highest monthly total in US history, according to analysts from PlayNY.com, which tracks developments in the New York gaming market. And even as promotional spending tapers off and football is pushed to the rearview, sportsbooks remain poised to shatter the state’s US betting record on the strength of March Madness.
“As big as the Super Bowl is, it is still just one game. And a slowdown in the immediate aftermath of the game is to be expected everywhere,” said Mike Mazzeo, lead analyst for PlayNY.com. “The mild pullback won’t last long, though. The NCAA Tournament is the nation’s largest sports betting holiday, and that presents a huge customer acquisition opportunity for sportsbooks.”
New York’s online and retail sportsbooks accepted more than $1.5 billion in wagers in February, including $1.53 billion through online books, according to official data released Friday by the New York State Gaming Commission. February’s wagering is down 12% from the US record $1.7 billion in wagering in January.
Online sportsbooks averaged $54.6 million in bets per day over the 28 days of February, down from the $69.6 million per day online sportsbooks that came over 24 days of betting in January. Retail data was not immediately available Friday afternoon.
Online sportsbooks won $82.4 million in gross revenue from February’s bets, down from the US record $124.1 million in gross gaming revenue in January. Operators netted $40.4 million in revenue and injected $42.0 million into state coffers.
NY sportsbooks have now generated $206.5 million in gross revenue on $3.2 billion in wagers. New York has generated more in sports bets so far than all but eight states did in 2021.
“A modest pullback was expected in February, and it shouldn’t diminish what we have seen so far in New York,” said Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayNY.com. “In less than two months, New York sportsbooks have generated more than $3 billion in wagers. That is a result that would have been difficult to fathom before January.”
FanDuel wrested away the online market lead in February with $568.1 million in bets, which was up from $517.4 million in January. Those bets generated $23.2 million in gross revenue, down from $28.1 million in January.
Rival DraftKings moved into second place with $387.6 million in wagers, up from $378.0 million in January. February’s handle produced a market-leading $30.0 million in gross revenue, up from $29.6 million in January.
Caesars, which topped online operators in January with $627.4 million in wagers, slowed to a $323.4 million in handle. Gross revenue slipped to $19.8 million from $59.0 million in January.
“With the NCAA Tournament just ahead, sportsbooks have another big event to use as a way to attract interest from new bettors,” Ramsey said. “Baseball’s lockout was a concern for the industry, but with that over now, sportsbooks will have numerous opportunities to expand their customer bases in the coming months.”
For more news and analysis on the New York gaming market, visit www.PlayNY.com/news.