New York Hits $1.8 Billion Betting Record in January

The New York State Gaming Commission announced that sports betting in the Empire State in January hit a record monthly level in turnover, revenue, and tax revenue since sports wagering was legalized in New York in January 2022. With around $ 1.8 billion turnover, $150 million in revenue, and $50,000 in tax receipts last month, New York’s sports betting market scored the best performance in the 13 months of legal sports betting in the state.

Record handle:

January 2023 turnover of $1.8 billion outperformed the previous record of $1.69 billion in bets placed in January 2022, when mobile sports wagering kicked off in New York. The state’s record January handle follows a series of eight monthly records set by the state, while the mobile sports wagers handled over the last 13 months stand inside the top 50 monthly records nationwide. The overall handle in New York was 10.2% above December 2022 figures and 6.7% in comparison to January 2022.

Record revenue:

The revenue achieved last month amounted to $149.9 million, which is around $640,000 more than the previous record set in November 2022. The Empire State has had the top seven monthly revenues in the U.S. in the last 30 years, however, January figures could have been better had the retail win rate not fallen under 4.6%, which was the lowest level since June 2022. Nevertheless, the overall revenue in the state was 4.8% higher than in December 2022 and 21.1% more than in January 2022.

$770 million in tax revenue for 13 months:

Likewise, the record tax revenue generated in January 2023 at $50,360 in retail tax receipts boosted the state’s income to the level of $76.3 million to exceed the previous record hit in November 2022. Therefore the overall tax revenue generated by the State of New York since the launch of sports betting in January 2022 now amounts to $770 million.

Busy operators:

The best-performing operators in January were FanDuel, DraftKings, Caesars, BetMGM, and WynnBET which continued to lead the race among mobile operators in the state. FanDuel reached $726.7 million in turnover and $81.9 million in revenue representing around 40% of the overall turnover and more than 50% of the total revenue generated by New York operators. DraftKings accepted $593.4 million in bets to record its all-time high handle last month, while Caesars was the only operator with 8-digit revenue in January settled at around $15 million.

Overall revenue:

The overall mobile operator revenue reached $149.4 million in January to stay between $141 million and $150 million for the fifth month in a row. As the revenue figures tend to reach the upper side of the range following the increasing handle levels, it seems that all-time highs hit in January may be surpassed in the forthcoming months.