Total wagers for the 12 months to 31 March 2023 were 19.8% higher than $16.40bn in New York in FY22. It is also the highest yearly online sports betting spend of any regulated state in the US.
In terms of gross gaming revenue, this was up 20.6% year-on-year and another US record. New York only opened its legal online sports betting market in January 2022, with FY23 only the second full year of regulation.
As it did in year one, Flutter Entertainment-owned FanDuel continues to lead the New York market. During FY23, FanDuel processed $8.10bn in online wagers and generated $845.8m in revenue.
DraftKings remained second with $619.6m in revenue from $7.02bn in bets. Placing third was Caesars with revenue of $140.4m and a $2.03bn handle.
BetMGM was the only other operator to process more than $1.00bn in wagers during the year, with a handle of $1.26bn. The brand posted $86.1m in total revenue.
Best of the rest in New York
As for the other online operators active in New York, Rush Street Interactive led the chasing pack with revenue of $37.8m. This came off the back of a $643.6m handle.
Fanatics, which replaced the PointsBet brand last month, posted $23.5m in revenue from a $361.9m handle. Resorts World followed with revenue of $5.5m and a $79.9m handle.
Wynn Interactive generated $3.5m in revenue off $103.7m in wagers. BallyBet completes the market line-up with revenue of $1.7m from $43.7m in total bets. However, BallyBet paused operations in New York for four months of the reporting period – July to October – and did not relaunch until November.
March revenue declines year-on-year
As for the final month of the year, there were some surprising figures for New York. Handle in March was 3.4% higher at $1.85bn but revenue slipped 6.8% to $151.7m as players were more successful.
On a month-on-month basis, handle was up 4.5% from $1.77bn in February, while revenue increased 15.5%.
Unsurprisingly, FanDuel led the pack with $73.1m in revenue and a $781.2m handle. Again, DraftKings placed second with $48.8m from $612.2m in wagers.
Caesars followed in third with revenue of $13.6m from $189.4m in bets, ahead of BetMGM with $7.8m off $125.9m. Fanatics posted $3.8m in revenue from $53.2m in wagers, while Rush Street was close behind with $3.3m off $66.2m.
As for the rest of the market, Resorts World generated $714,649 in revenue from $8.4m in bets. Wynn Interactive reported $285,923 off $4.2m, and BallyBet $267,132 from $8.3m.
Original article: https://igamingbusiness.com/sports-betting/new-york-betting-handle-hits-19bn-in-fy23/
