New York’s online sports betting market continues to thrive as it sets a new record for the highest monthly handle in January. The state’s online sports betting handle reached an impressive $1.79 billion, surpassing the previous record of $1.67 billion set in January 2022. This growth indicates the increasing popularity of online sports wagering in the state and underscores the potential economic impact of the industry.
Record-Breaking Handle:
The $1.79 billion handle in January represents a significant 10.2% increase from the $1.62 billion recorded in December 2022. The continuous rise in the betting handle highlights the strong demand for online sports wagering among New York residents, as well as the positive response to the legal betting market.
Gross Gaming Revenue and Popularity of Sportsbooks:
The New York State Gaming Commission reported a record gross gaming revenue of $149.4 million from mobile sports wagering in January. This revenue figure reflects a 20.4% increase from the $124.1 million generated in January of the previous year and a 5.4% rise from the $141.8 million recorded in December.
FanDuel remained the top-performing sportsbook in New York, collecting $726.7 million in bets and generating $81.9 million in revenue. DraftKings followed in second place with $593.4 million in bets and $39.8 million in revenue. Caesars Sportsbook achieved $223.7 million in bets and $15 million in revenue.
Market Dynamics and Competition:
BetMGM secured $7.2 million in revenue from $112.9 million in wagers, while PointsBet and Rush Street Interactive achieved revenues of $3.1 million and $1.9 million, respectively. Wynn Interactive contributed $237,385 in revenue from a $10.5 million handle, while Resorts World and BallyBet recorded revenues of $202,984 and $82,934, respectively.
2022 Performance and Economic Impact:
In the entirety of 2022, New York’s sports betting handle exceeded $15.8 billion, resulting in gross gaming revenue of $1.3 billion and state tax revenue of $680 million. These figures underscore the significant contribution of the online sports betting industry to the state’s economy and tax revenue.
The record-setting online sports betting handle in New York for January 2023 reflects the continued growth and success of the state’s legal betting market. The strong demand for online sports wagering, coupled with the revenue generated, highlights the positive economic impact of the industry. As the online sports betting landscape continues to evolve, New York’s position as a prominent player in the market is solidified, promising continued growth and revenue in the future.