New York Mobile Sportsbooks Enjoy Betting Handle Growth in April

The gambling regulator in New York, the New York State Gaming Commission, has announced its latest report, outlining the performance of mobile sports betting operators in April this year.

Judging by the latest figures, sportsbooks enjoyed a busy month with mobile betting handle hitting $1.54 billion, marking an increase when compared to the corresponding period last year. There was a notable increase of more than $100 million in the betting handle when the latest result is compared to the $1.39 billion result from April 2022.

Not unexpectedly, the uptick in betting handle also led to an increase in mobile betting GGR last month. In April 2022, mobile betting GGR hit $104.1 million. This year, in April, the GGR result soared by more than $34 million, hitting $138.8 million.

Per the tax rate for online sportsbooks in New York which is 51%, a breakdown of the $138.8 million in GGR reveals that the net revenue for platform providers was $68 million, while the revenue to education for April hit $70.8 million.

While the result from April marked an increase on a year-over-year basis, this wasn’t the case on a month-over-month comparison. In March this year, the betting handle hit $1.79 billion marking a new record for the mobile betting vertical in the state. Similarly, mobile betting GGR in March hit $162.8 million, which was significantly higher than the April result.

FanDuel, DraftKings and Caesars Are the Top 3 Sportsbooks for April

Based on the results released by the New York State Gaming Commission, FanDuel was an unquestionable leader within the mobile betting market in the state last month. The company saw a betting handle of $626.3 million, resulting in a GGR of nearly $71 million. This GGR translated to $34.8 million in proceeds for FanDuel and $36.2 million in proceeds for education for April.

Second in line last month was DraftKings. Overall, the betting handle reported by the sportsbook last month was $516,406,585. This resulted in some $44.9 million in mobile betting GGR. A breakdown of the GGR reveals that some $22.9 million was allocated toward education last month while DraftKings saw $22 million in net revenue.

Caesars Sportsbook was the operator with the third-highest betting handle in April. The company saw $185.3 million in betting handle last month, translating to some $12,752,332 million in GGR. Of that total, Caesars collected $6.2 million in net revenue, while some $6.5 was allocated to education.