Early in January 2022, New York launched mobile sports betting. The activity itself was launched back in 2019 but was restricted to land-based venues. Expectations for mobile betting have been high, considering the size of the state and the high population. But results released by the New York State Gaming Commission showed that mobile sportsbooks surpassed even the most optimistic projections.
Mobile Sportsbooks Generate Record Wagering Handle in Less than Two Weeks
In less than two weeks, mobile sportsbooks in New York exceeded $600 million in sports betting handle. From January 8, for 9 days in a row, mobile sportsbooks in the state hit $603.1 million in wagers. This represents gross gaming revenue of some $48.2 million.
Under the current regulations, New York collects 51% of the gross gaming revenues as tax for mobile sportsbooks. This means that in less than 10 days, sportsbooks generated some $24.6 million in tax revenue. Moreover, if the sportsbooks keep up with the same figures until the end of the month, tax revenue may easily surpass $80 million.
Undoubtedly, the results reaffirm that the mobile sports betting market in New York holds significant potential. In contrast, in New Jersey, one of the top US sports betting markets, the sports betting revenue in December hit $59 million. This result compared to the $48 million in revenue after 10 days of operation shows that New York surpassed even the brightest expectations.
Caesars Leads with Highest Betting Handle, DraftKings, FanDuel Follow
Not unexpectedly, DraftKings and FanDuel were among the first operators to launch sports betting in New York. BetRivers, operated by Rush Street Interactive, as well as Caesars also launched their services in the state. While BetMGM launched its services recently, other popular sportsbooks are also planning to launch as soon as they receive a green light from the regulator in the state.
So far, an unquestionable leader in terms of sports betting handle and winnings is Caesars. Since the launch of sports betting, for 9 days, the operator hit $257.7 million in sports betting handle. This represents some $22.7 million in revenue. On the other hand, FanDuel is also among the leaders in terms of sports betting handle. The sportsbook has seen $200.3 million in sports betting handle since New York launched mobile sports betting. FanDuel’s winnings for that period hit $14.1 million.
DraftKings was the third-most-popular operator since the launch of mobile sports betting on January 8. The operator reported $134.4 million in sports betting handle, representing $10.9 million in winnings. Last but not least was BetRivers. In only 9 days, the operator reported $10.6 million in sports betting handle. This means that BetRivers winnings hit $446,969 for the period.