New York State’s Mobile Sports Betting Surpasses $3B Milestone

New York’s mobile sports betting industry has surpassed the $3 billion mark in operator revenue, according to the latest report from the New York State Gaming Commission. 

New York’s Betting Market Thrives with Robust Figures for Week Ending January 21

The figures for the week ending January 21 revealed a robust $47.5 million in adjusted gross revenue, marking yet another milestone for the Empire State’s flourishing betting market.

As a result, New York joined New Jersey as one of the only states to achieve $3 billion in total revenue, with December alone bringing in a record-breaking $189.3 million. 

Since its launch in January 2022, New York’s betting apps reached this significant milestone in just 107 weeks.

Despite last week’s winnings ranking seventh overall, they fell short by nearly $20 million compared to the record-breaking $67.3 million claimed by operators for the week ending January 14. 

However, the handle for the week ending January 21 reached $490.7 million, marking the sixth-highest figure and reflecting a 10.1% increase from the previous week, driven largely by the NFL divisional round playoffs.

All nine operators reported positive adjusted gross revenue (AGR), which translates to an estimated $24.2 million in taxes based on New York’s 51% tax rate on mobile revenue.

FanDuel Sets Sights on Historic $100 Million Revenue Mark in New York

FanDuel, a major player in New York’s sports betting scene, is eyeing a historic milestone of reaching $100 million in monthly revenue. The company, responsible for six out of seven instances where an operator won at least $25 million in a week, has already accumulated $78.5 million in winnings during the first three weeks of 2024. If FanDuel maintains its current pace, it is poised to surpass its previous best of $93.6 million by the end of January.

DraftKings, another prominent operator, is also making strides towards joining FanDuel in the billion-dollar revenue club. Despite needing $25.4 million to reach this milestone, DraftKings recorded $15.9 million in winnings last week against a handle of $167 million.

Other operators such as BetMGM, Bally Bet, and PointsBet are also making significant contributions to New York’s betting market, with each reporting notable handle and revenue figures in the latest Commission report.As New York’s mobile sports betting industry continues to thrive, it remains a key source of revenue for the state and a testament to the growing popularity of sports wagering among residents.