In less than 18 months, New York online sportsbooks have taken over $25 billion in legal bets, reaching the milestone figure faster than any other legal gambling jurisdiction in the US.
From January 2022 through June 25, 2023, more than $25.15 billion has been gambled using digital sportsbooks, according to data released Friday by the NY State Gaming Commission.
G-O-A-T of online sports betting? Could it be NY?
New York is the third state to eclipse a lifetime sports betting handle of $25 billion, behind Nevada and New Jersey. It took NJ more than three-and-a-half years to pass that mark with both retail and online returns. Nevada does not permit online sports betting, and it took decades for sportsbooks in the desert to see that much in legal wagers.
More than $38.2 billion has been gambled with sportsbooks in NJ since June 2018. Over that same period, Nevada sportsbooks have reported just over $33 billion in bets.
But the Empire State has overtaken both NJ and NV as the country’s largest and most lucrative market since the start of 2022.
Slow week for the bookies
According to NYSGC reports, NY’s nine online sports betting operators netted $16.3 million in revenue for the week ending June 25. Only the second week in April generated less revenue ($12 million) for the books in 2023.
Last week’s mobile handle (the total amount wagered) of nearly $267.6 million was the lowest weekly total this year. It was 3.75% less than the previous week.
Battle for No.1 in New York online sports gambling
FanDuel and DraftKings, the nation’s two largest online sportsbook operators, compete for market share in NY.
More than $124.4 million was bet with DraftKings Sportsbook last week, topping the $86.6 million wagered on FanDuel Sportsbook. DK reported just over $4 million in revenue, while FD netted nearly $8.2 million.
DraftKings has been tops in the state for reported mobile handle for three consecutive weeks. FanDuel, the national market leader, held the top spot in NY for 74 weeks before that.
Last week also broke an almost 10-month stretch of FanDuel reporting $100 million or more in weekly handle.
Everybody else in NY sports betting
Here’s how the rest of the NY online sports betting market played out for the week ending June 25.
Caesars Sportsbook’s weekly handle was over $26.2 million, with reported revenue of $2 million. BetMGM Sportsbook reported $16.3 million in bets and netted $1.3 million.
BetRivers Sportsbook paid out all but $406,000 of the $7.4 million bet on its app. WynnBET took $1.8 million in wagers for a weekly revenue of $119,000.
BallyBet, which will temporarily go offline in NY this week, reported $123,980 in handle and $297 in revenue.
PointsBet Sportsbook has been in the industry news lately, but it’s still not translating into results on paper. The book, which was just sold to Fanatics for $225 million, posted a weekly handle of $3.5 million and under $145,000 in revenue.
Resorts World Sportsbook also struggled last week. The book reported $916,000 in action, but paid out more to winning bettors. The book lost almost $22,000 for the week.
