The state of New York continues to break records for legalized online sports betting. Here are the key figures and players after 30 days of live activity in the state.
What Happened: The State of New York had a betting handle of $1.98 billion over its first full 30 days of mobile sports betting.
In the first 30 days, sports betting operators had $138 million in revenue.
The state of New York generated $70.6 million in tax revenue, thanks to the state's high tax rate. The 30-day figure is more tax revenue than all but three states generated in all of 2021, showing the huge financial benefit that legalize sports betting has become for the state of New York.
Over 1.76 million unique player accounts in New York have been created, according to data from GeoComply.
Football led the way for the first 30 days, making up over $600 million of the betting handle. Basketball ranked second with $540 million in bets. Hockey was a distant third at $80 million in wagers.
New York was expected to hit $160 million in betting handle for Super Bowl LVI, according to projections from PlayUSA.
Related Link: Here's How Much Could Be Bet On Super Bowl LVI
Stocks To Watch: Caesars Entertainment CZR was the early leader in the partial month of January with a betting handle of $615.5 million. From Jan. 31 through Feb. 6, the company’s sportsbook added $87.2 million, ranking third for the week.
FanDuel, a unit of Flutter Entertainment ADR PDYPY, led the week of Jan. 31 through Feb. 6 with a betting handle of $130.3 million. FanDuel ranked second for the partial month of January with $501.8 million in betting handle. FanDuel was noted as topping the state for the week of Jan. 23 through Jan. 30 suggesting a growing market share lead.
DraftKings Inc DKNG was second for the week of Jan. 31 through Feb. 6 with a betting handle of $87.3 million. DraftKings ranked third in the month of January with $367.7 million in betting handle.
Following the top three, the week of Jan. 31 through Feb. 6 saw these operators as betting handle leaders:
- BetMGM, a joint venture between Entain and MGM Resorts International MGM: $34.4 million
- PointsBet: $12.2 million
- BetRivers from Rush Street Interactive RSI: $8.4 million
- WynnBet from Wynn Resorts WYNN: $251,000
WynnBet soft-launched in the state on Feb. 3, so the results include only a few days of operating live in the state. BetMGM launched on Jan. 17 and has made a dent in the state compared to some of the smaller operators.
The early figures from New York show that FanDuel, DraftKings and Caesars are the dominant three operators in the lucrative state. Caesars has been a surprise success story as it’s not typically in the top three in states, and could prove that its heavy advertising spending is paying off in gaining new customers.
More operators are expected to launch in New York, including Resorts World and Bally Bet from Ballys Corp BALY.
While the Super Bowl is over, sports betting operators look forward to March Madness and the NBA and NHL playoffs, which could continue to boost figures for the early months in New York.
Photo: Courtesy of fictures on Flickr
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