New York Sportsbooks Close January with $1.7 Billion in Wagers

LAS VEGAS, Feb. 17, 2022 /PRNewswire/ -- New York's online and retail sportsbooks closed the highest-volume month in U.S. history with nearly $125 million in revenue on $1.7 billion in wagers. Amassed over just 24 days, the debut of mobile sports betting instantly turned New York into the flagship sports betting market in the U.S., according to analysts from PlayNY.com, which tracks developments in the New York gaming market.

"There's never been anything in U.S. sports betting like New York's first month," said Mike Mazzeo, lead analyst for PlayNY.com. "Launching ahead of the NFL playoffs was no doubt a boost for sportsbooks. But more importantly, the rollout of online sports betting unleashed a tidal wave of pent-up demand in New York."

New York's online and retail sportsbooks accepted $1.69 billion in wagers in January, including $1.67 billion through online books, according to official data released Thursday by the New York State Gaming Commission. Online sportsbooks averaged $69.6 million in bets per day over the 24 days from the Jan. 8 launch through the end of the month.

January's bets through mobile sportsbooks resulted in $124.1 million in gross gaming revenue from mobile sports betting — the most lucrative month in U.S. history — and $60.8 million in net revenue for operators. That yielded a remarkable $63.3 million in taxes. That is more tax revenue than every state with legal sports betting — except Pennsylvania, New Jersey, and Illinois — generated in all of 2021. Meanwhile, New York's four retail sportsbooks lost $328,829.

To put New York's online debut into context with other states, Arizona set the record for the highest sports betting handle in a debut month for a U.S. market in September with $291.2 million. New Jersey previously held the record for the highest sports betting volume over any single month, reaching $1.3 billion in bets in October. And only New Jersey and Nevada have ever produced more than $1 billion in sports bets over a single month.

"You run out of superlatives to describe what happened in New York last month," said Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayNY.com. "There might be some moderation over the next few months as bettors get used to sports betting and the football season closes. But this market is still in its infancy, and the ceiling for New York looks to be even higher than initially thought."

Caesars was the highest-grossing online sportsbook in January, generating $627.4 million in gross revenue on $58.99 million in wagers. Caesars alone generated more revenue and wagers than the entirety of any one state's sportsbooks has ever produced over a single month, except New Jersey, Nevada, Illinois, and Pennsylvania.

FanDuel was second in the state with $517.4 million in wagers, which produced $28.1 million in gross revenue.

The leaders were followed by:

• DraftKings ($377.95 million handle; $29.6 million GGR)
• BetMGM: ($82.2 million handle; $3.8 million GGR)
• BetRivers: ($33.5 million handle; $1.1 million GGR)
• PointsBet: ($31.2 million handle; $2.6 million GGR)

WynnBet has since launched its mobile app, and Resorts World is expected to come in days. Bally Bet is expected to launch in April.

"Caesars and FanDuel won the month, and it has proven difficult to dislodge operators once they are a market leader," Mazzeo said. "But it's important to remember that New York's market is still forming, even if it appears it will mature more quickly than most any other market."

For live updates on the New York sports betting market, visit www.playny.com/new-york-sports-betting-updates/.

About the PlayUSA Network:
The PlayUSA.com Network and its state-focused branches is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.

Contact: Zack Hall, Catena Media, 775-338-0745, [email protected]

SOURCE PlayNY.com