The February total was 20.4% higher than the $1.47bn bet in New York in the same month in 2023. However, it was 9.7% behind January’s $1.96bn and the lowest monthly amount since $1.76bn was spent in September 2023.
As for gross gaming revenue, this increased by 21.3% year-on-year to $131.4m, up from $108.3m in 2023. The February total was 37.9% less than $211.5m in January and also the lowest since $98.5m in August last year.
Flutter Entertainment-owned FanDuel remains the market leader in New York. For February, it reported $63.4m in revenue from $720.1m, both of which were higher than any other operator.
Following in second was long-time rival DraftKings with $53.4m in revenue from $607.9m in bets.
Caesars was next in third, posting $6.7m in revenue and a $160.7m handle for the month. Rush Street Interactive followed with revenue of $3.0m from $46.9m in total bets.
Fanatics replaces PointsBet
The only other operator to post in excess of $1.0m in revenue was Fanatics. For February, Fanatics generated $2.9m in revenue in New York off $82.9m in bets.
Fanatics is the latest brand to launch in New York, officially going live in the Empire State on 1 March. The launch marks another latest phase of Fanatics’ acquisition of PointsBet US.
As for New York’s other operators, BallyBet posted revenue of $724,041 and a $9.7m handle. BetMGM generated $580,224 off $129.7m and Resorts World $544,361 from $8.3m.
Wynn Interactive again propped up the state’s market with $162,800 in revenue off a $7.1m handle.
The February figures mean total spend for the New York financial year to date amounted to $17.80bn, up 8.6% from $16.40bn at the same point in the previous year.
Revenue for the 11 months to the end of February totalled $1.61bn, an increase of 10.5%.
New York generates most US sports betting tax
The monthly results come after a study published last month showed New York contributes more than 37% of the total tax revenue generated from sports betting in the US.
The Quarterly Survey of State and Local Tax Revenue (QTAX) found that sports betting accumulated national tax and gross receipts of just under $506m in Q3. This was up 20.5% from Q3 2022 but down from $571.5m in Q2 2023.
New York dominated the tax generated via sports betting. Its $188.5m was nearly five times higher than Indiana’s $38.6m in second. No state has a higher tax on gross gambling revenue than New York’s 51%.
Ohio and Illinois were third and fourth with $32.9m and $32.4m respectively. Pennsylvania rounded out the top five with $28.8m.
Original article: https://igamingbusiness.com/sports-betting/new-york-online-betting-handle-1-77bn-february/
