New York Sportsbook reaches $375 million in gross gaming revenue
April 23, 2022
The New York State Gaming Commission (NYSGC) reported a massive increase in mobile sports wagering volume from $22,6 million in the previous week to $313,2 million for this week that ended on April 17. The gross gaming revenue (GGR) from online sports betting in New York also took a massive leap to more than $20 million, reaching $33,2 million for the week. While legal online sports betting began in New York in early January, this week's GGR was the operators' fourth highest record since March 13.
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The finale of the NCAA Tournament has garnered many bets from local sports bettors, which can explain the spike in online wagers. The state reported a total of US$33,8 million in internet handle for the week ending on April 10, 2022. Its gross gaming revenue totaled only US$12,9 million, the lowest weekly total since the game's January launch. In just a short period, New York has overtaken Pennsylvania as having the most successful launch of mobile sports betting.
New Yorkers also made a similar groundbreaking record during the initial launch of sports betting, totaling $603 million in bets. Sports bets on football, basketball, hockey, and other events generated $48,2 million in gross gaming income from January 8 to 16.
New York imposes a very high tax rate on mobile sports betting, and around 51 percent of revenue must be paid by operators. But the tax levied didn't significantly impact the income, and the state has already made a whopping $24,6 million just from this field.
Revenue races between betting operators
The mobile sports betting market in New York is still in its infancy, launched in January of this year. Its short history hasn't deterred it from quickly becoming a leader in mobile sports betting in the country and even breaking a few records in the industry. There are nine service providers authorized to operate in the market by the state.
FanDuel had the highest volume of bets among the operators, generating around $142 million while collecting $7,9 million in GGR for the week ended on April 10. The following week, they still managed a massive amount, generated over $130 million handles, and took $131,8 million in mobile bets. In terms of GGR, Fanduel reported its highest-ever revenue totaling $22,1 million for the week ended on April 17.
The second position was taken by DraftKings, which collected over $ 83,5 million in total bets, and $2,4 million in revenue. DraftKings managed to double its GGR to $5,8 million this week, handling $11 million less than the previous week.
Caesars Sportsbook came into third place with $49,3 in handle in the previous week. This week it brought a combined handle with BetMGM of $80 million. The amount of handle and GGR placed PointsBet, BetRivers, WhynnBET, and resorts World Bet into number five, six, seven, and eight, respectively.
Bally Bet, New York's ninth mobile sportsbook, was expected to launch in April. But there is a possibility of postponing the launch. Lee Fenton, CEO of the bookmaker, said they are not in a hurry and prefer to launch his product when it's ready.
Without Bally Bet, New York still dominates U.S. online sports betting. Since January 8, the state's online operators have handled $5,64 billion, generated $375,9 million in GGR, and paid over $190 million in taxes.