New York’s online sports betting market experienced a notable decrease in February 2023. The handle, which measures the total amount of bets placed, came in at $1.47 billion, reflecting a 3.9% decline compared to the same month in the previous year. Furthermore, it marked a substantial 17.9% drop from January 2023, when the state set a record with $1.79 billion in wagers.
Handle Decline:
In February, New York’s online sports betting handle dipped to $1.47 billion, indicating a decline in betting activity. While such fluctuations are not uncommon in the sports betting industry, this decrease raises questions about the factors influencing this decline, which we will explore further.
Revenue Figures:
Despite the decrease in the handle, the gross gaming revenue in February reached $108 million, marking a significant 31.4% increase from the $82.4 million reported in the same month the previous year. However, it is important to note that this figure fell 27.5% short of the record $149.4 million generated in January 2023.
Sportsbook Rankings:
Examining the performance of sportsbooks in New York, FanDuel continued to dominate the market, with $591 million in bets and $53.5 million in revenue. DraftKings secured the second spot, amassing $491.3 million in bets and generating $33.5 million in revenue. Caesars Sportsbook followed closely with $192.8 million in bets and $8.5 million in revenue.
The market also saw BetMGM earning $7.5 million in revenue from $107.7 million in wagers, Rush Street Interactive with $2.4 million from $37.6 million, PointsBet with $1.9 million from $29.7 million, and Resorts World with $484,445 from $5.4 million. Wynn Interactive had a higher handle of $10.3 million but slightly lower revenue at $470,549. Completing the market was BallyBet, which posted $18,451 from a $1.2 million handle.
New York’s online sports betting market experienced a handle decline in February 2023, compared to the same month the previous year and the record-setting January. While this drop in betting activity raises questions, it’s important to note that the market continues to generate substantial revenue, with FanDuel leading the way. The rankings of sportsbooks provide insights into the competitive landscape, highlighting the key players in this evolving market. Further analysis may shed light on the reasons behind the handle decline and its potential impact on the industry in the coming months.