New York Breaks State Online Sports Betting Record In 3 Weeks: The Early Winners And What's Next

The highly anticipated launch of online sports betting kicked off in the state of New York in January. In only three weeks, New York is already breaking records for the sports betting industry.

What Happened: New York hit a single state monthly record of $1.625 billion in betting handle for the month of January. The total beat was a previous record of $1.3 billion set by the state of New Jersey in October 2021.

Here were the leading sports betting operators in New York for January:

  • Caesars Entertainment Inc CZR: $615.5 million
  • FanDuel, a unit of Flutter Entertainment ADR PDYPY: $501.8 million
  • Draftkings Inc DKNG: $367.7 million
  • BetMGM, a joint venture from Entain and MGM Resorts International MGM: $78.1 million
  • BetRivers from Rush Street Interactive Inc RSI: $32.2 million
  • PointsBet Holding Ltd PBTHF: $29.5 million

Related Link: Exclusive: Sizing Up New York Sports Betting Opportunity, Potential Winners

What’s Next: FanDuel, DraftKings and BetMGM remain the big three online sports betting operators nationwide in terms of market share. Caesars' position at the top could be the big story for investors to follow to see if it was due to heavy promotions or strong brand awareness in the state.

It was noted in the report that FanDuel topped handle for the week of Jan. 23 to Jan. 30, suggesting Caesars' top spot could be short-lived.

February will provide a full month of operations for BetMGM, which launched on Jan. 17 and could paint a better picture of how the operator could stack up after ranking a distant fourth place.

More sportsbooks are launching in New York. WynnBet from Wynn Resorts, Limited WYNN went live Friday. Resorts World and Bally's Corp BALY also have pending launches.

Super Bowl LVI on Feb. 13 will offer a big opportunity for sports betting operators in New York and nationwide. PlayUSA is predicting New York will have a betting handle of $160 million for the Super Bowl, ranking second behind Nevada ($175 million).

A new monthly record could be set again in February with the biggest sports event of the year happening in the first full month of operations for New York.

Photo: Courtesy DraftKings

Market News and Data brought to you by Benzinga APIs
Posted In: NewsPenny StocksSports BettingSmall CapSportsTrading IdeasGeneralBetMGMFanduelnew yorkonline sports betting
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!