Legal mobile wagering in New York went through the roof in its 30 days of existence as the total handle reached $1,984,759,532. Governor Kathy Hochul confirmed the handle on Monday. This announcement comes just off the heels of New York’s record-breaking January numbers. Just a reminder, sports betting in the state was launched on January 8 and even though it missed the month’s first week, it still managed to come out on top.
New York Is the “Sports Betting Capital of the World”
Gary Pretlow, NY Assemblyman, commented on the situation by declaring New York as the world’s sports betting capital. Governor Hochul also praised the success of the industry and in her release, she also cited GeoComply data and confirmed that around 1.8 million unique betting accounts were registered and used in the first full month of the launch.
In total, 187 million transactions were generated by these accounts, which resulted in almost $2 billion in sports handle. Sportsbooks’ revenue reached $138 million, which contributes to total tax revenue of $70.6 million.
Around half of the tax money will be used to fund the state’s educational system, but a huge portion of the money will be directed to youth sports programs and services tied to gambling addiction. The state of New York forecasts to receive upwards of $500 million in tax income by the 2026 fiscal year.
Caesars Is the Leader in Handle and Revenue
Caesars Sportsbook took the top spot in handle and revenue. The total handle of this mobile sportsbook for the first full month was $702,656,891 while the revenue was $64,657,938. That amounts to 35.4% of the total handle and $46.7% of the total revenue through February 6. FanDuel’s handle was $632,048,747 and its revenue was $30,246,533.
DraftKings took the third spot as this sportsbook recorded $454,914,492 in total handle, whereas its revenue was $35,788,546. BetMGM’s handle was $112,333,575 and the operator’s revenue reached $3,668,090. PointsBet had a $41,693,139 handle and total revenue of $2,522,872.
The last two operators on GeoComply’s datasheet were BetRivers and WynnBET. BetRivers’ handle was $40,861,332 and its revenue was $1,599,278, whereas WynnBET’s handle was $251,356 and its revenue reached $33,657. It is worth noting that WynnBET was the last of all operators on the list to join the NY market as this operator has been live for just a few days.
In terms of the most popular sports to bet on, football took the number 1 spot as New Yorkers wagered upwards of $600 million on this sport. Basketball was ranked second with $540 million.
Apart from the seven aforementioned active sportsbooks in the state, Bally Bet and Resorts World Bet are still waiting for the green light.