(UPDATES WITH BETMGM NUMBERS)
And just like that, New York became the third state to surpass $1 billion in monthly sports betting handle in the post-PASPA era while needing barely two weeks to do so.
The New York State Gaming Commission released its second set of weekly numbers from the four mobile operators that began accepting bets Jan. 8 to much fanfare. While some of the sugar high of promotional offers may have worn off as the week-to-week handle “lagged” from $603 million to just under $532 million for the span covering Jan. 17-23, it was more than enough to push the Empire State over $1 billion in mobile handle in just 16 days.
The overall amount wagered was reported at more than $1.1 billion, with the quartet claiming $88.9 million in gross revenue. With the 51% tax rate on revenue, the state has collected more than $45.3 million — already more than double the previous national monthly high that Pennsylvania established with $21.6 million in November.
|NEW YORK||Jan. 8-30 (MOBILE ONLY)||$1,624,919,978|
|New Jersey||October 2021||$1,303,198,342|
|New Jersey||November 2021||$1,258,189,436|
|New Jersey||December 2021||$1,229,561,891|
New York operators remained on track to shatter New Jersey’s record $1.3 billion handle from October. By month’s end, New York will likely establish a new monthly gross gaming revenue standard beyond the $114.8 million its Garden State neighbor amassed in November.
Caesars continues to serve as early frontrunner
Total: $373.33M/$30.65M/8.23% hold
— Chris Altruda (@AlTruda73) January 28, 2022
Caesars‘ monstrous initial introductory offer of matching deposits up to $3,000 continued to pay dividends, as it again led in weekly handle with more than $229.7 million wagered. It reported just over $19 million in revenue for an 8.3% hold, and has put together emperor-esque numbers in the early going with nearly $41.8 million in revenue and $487.3 million worth of bets since launch.
FanDuel‘s handle dropped 20.3% week over week to $159.7 million, but its win rate took a tumble of more than three-quarters of a point to 6.3%, which meant revenue slipped 29% to slightly more than $10 million. That allowed DraftKings to edge into the No. 2 spot for revenue at $10.8 million, practically unchanged from its first week, while its handle inched 2.6% higher to $134.4 million.
BetRivers also saw a slight uptick in both handle and revenue to $11.6 million and nearly $785,000, respectively. Its win rate jumped from 4.2% off its opening set of numbers to 6.8% for the second completed week.
Overall, online handle in the state dipped 11.8% and revenue slid 15.6% as the 7.7% win rate was approximately one-third of a point lower compared to the first nine days of action.
Handle and revenue numbers for BetMGM, were released later Friday, showing nearly $40.6 million in wagers and $2.5 million in revenue for a 6.2% hold for its first week of action.