New York’s Mobile Sports Betting Industry Surpasses $3 Billion Mark in Operator Revenue
The latest report from the New York State Gaming Commission has revealed that New York’s mobile sports betting industry has achieved a significant milestone by surpassing the $3 billion mark in operator revenue. The figures for the week ending January 21 showed a robust $47.5 million in adjusted gross revenue, demonstrating the Empire State’s thriving betting market.
December alone brought in a record-breaking $189.3 billion, solidifying New York’s position as one of the only states alongside New Jersey to achieve $3 billion in total revenue. This achievement comes just 107 weeks after the launch of New York’s betting apps in January 2022.
Although last week’s winnings ranked seventh overall, they fell slightly short of the record-breaking $67.3 million claimed by operators for the week ending January 14. However, the handle for the week ending January 21 reached $490.7 million, reflecting a 10.1% increase from the previous week, driven largely by the NFL divisional round playoffs.
All nine operators reported positive adjusted gross revenue, resulting in an estimated $24.2 million in taxes based on New York’s 51% tax rate on mobile revenue. FanDuel, a major player in New York’s sports betting scene, is aiming to reach a historic milestone of $100 million in monthly revenue. The company has already accumulated $78.5 million in winnings during the first three weeks of 2024 and is on track to surpass its previous best of $93.6 million by the end of January.
DraftKings, another prominent operator, is also making strides towards joining FanDuel in the billion-dollar revenue club, recording $15.9 million in winnings last week against a handle of $167 million. Other operators such as BetMGM, Bally Bet, and PointsBet are also making significant contributions to New York’s betting market, with each reporting notable handle and revenue figures in the latest Commission report.
As New York’s mobile sports betting industry continues to thrive, it remains a key source of revenue for the state and a testament to the growing popularity of sports wagering among residents. The industry’s rapid growth and steady revenue indicate a promising future for sports betting in New York.