New York’s online sports betting market, launched in January 2022, witnessed a decrease in the total betting handle for the month of April. However, the state managed to achieve record gross gaming revenue during the same period.
April’s Betting Handle and Revenue:
In April, New York’s online sports betting handle amounted to $1.5 billion, marking a 14% drop compared to the impressive $1.76 billion reported in March. Despite this decline in the handle, the figures reveal an impressive accomplishment in the form of record-breaking gross gaming revenue. New York recorded a remarkable $138.8 million in gross gaming revenue during April, which signifies a lucrative period for the state’s sports betting industry.
The Leading Sportsbooks in New York:
FanDuel continued its reign as the most popular sportsbook in New York, securing a significant portion of the market. FanDuel accepted $626.2 million in bets and generated $70.9 million in revenue, underlining its strong presence in the Empire State’s sports betting landscape. DraftKings, another heavyweight in the industry, held the second spot, with $516.4 million in bets and revenue of $44.9 million.
Caesars Sportsbook made a notable contribution to the market, amassing $185.3 million in bets and $12.7 million in revenue. BetMGM followed closely, with $7.1 million in revenue derived from $126.6 million in wagers. Other sportsbooks, such as BetRivers, PointsBet, Wynn Bet, Resorts WorldBet, and BallyBet, also reported their figures for the month.
State Tax Revenue and Milestones:
Sports betting continued to contribute significantly to state tax revenue in April. The industry generated a substantial $70.8 million in state tax revenue during the month. This financial influx provides crucial support to New York’s public finances.
It is important to highlight that New York’s online sports betting market has reached remarkable milestones since its launch in January 2022. The state has seen over $22 billion in bets and collected $978.4 million in tax revenue through its sports betting operations. These figures reflect the considerable appetite for legal sports betting within the Empire State.
While New York’s online sports betting handle experienced a dip in April, the state’s sports betting industry continues to thrive, as evidenced by its record-breaking gross gaming revenue. With key players like FanDuel, DraftKings, and Caesars Sportsbook leading the way, New York’s sports betting market remains a dynamic and lucrative sector contributing significantly to the state’s tax revenue.