(UPDATES WITH ADDABBO STATEMENT)
New Jersey’s national monthly record for sports betting handle?
The third week of handle and revenue statistics released by the New York State Gaming Commission on Friday confirmed what was expected following the inital release a fortnight ago — that the Empire State will be atop the national leaderboard for any single month of wagering volume when the agency officially releases its full revenue report for January.
|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|
While the pace of wagers has slowed considerably, arguably the byproduct of fewer NFL games in the postseason as well as fewer initial signups taking advantage of aggressive promotional offers, the six operators in action still generated a healthy $449.3 million worth of wagers for the week of January 24-30.
That is down 15.5% from the previous week and 25.5% from the initial nine days that produced $603 million, but the combined total of more than $1.6 billion easily eclipsed the previous national record of $1.3 billion set by New York’s Garden State neighbor in October — and there’s still one day remaining in January to be reported and added to the calculations. PointsBet, which began accepting wagers as the sixth mobile operator Jan. 24, contributed nearly $29.5 million in wagers with more than $2.3 million in revenue.
“When we brought mobile sports betting to New York, we had confidence it was going to be a success, but to be able to break the national record of total handle for sports betting in a single month in our very first month, with primarily only six sportsbooks, is both rewarding and exciting,” said state Sen. Joseph P. Addabbo Jr., the chairman of the NYS Racing, Gaming and Wagering Committee, in a statement.
“Breaking this record proves that New York was ready for mobile sports betting and we are providing our state with a new revenue, educational and addiction funding source. It also can give us an indication of where we go from here, especially with the Super Bowl within our sights. The future is extremely bright for mobile sports betting in New York!”
FanDuel posts first weekly handle win
Figured it was only a matter of time after the initial promo push before someone surpassed Caesars in terms of betting handle in NY. But Caesars still the revenue king (emperor?) a little while longer … https://t.co/z6yxpq3AYJ
— Eric Raskin + (@EricRaskin) February 4, 2022
It took three weeks, but FanDuel finally overtook Caesars for the top spot in handle, generating $141.8 million in wagers compared to the $128.1 million for Caesars. It was a week-over-week decline for both operators, but Caesars had the far more dramatic drop of 44.2% compared to 11.2% for FanDuel.
DraftKings also saw a noticeable week-over-week decline of 22%, but still posted a nine-figure handle for the second straight week at $102.2 million. BetMGM‘s drop of 7.6% from its initial week of wagering resulted in handle totaling $37.5 million. BetRivers saw an 11.5% dip in its week-to-week handle total, barely finishing in eight figures at $10.2 million.
Caesars keeps revenue groove, others in the red
Caesars again paced operators in revenue with more than $14.1 million, though it is unclear just how much of that revenue is the result of bettors working through their promotional offers. Through the first three-plus weeks, though, Caesars is lapping the field in gross revenue with nearly $55.9 million from a healthy 9.1% win rate.
For the second time since launch, both FanDuel and BetRivers posted weekly losses in revenue. FanDuel paid out $564,868 more than the nearly $141.8 million accepted in wagers, while bettors at BetRivers came out $394,458 ahead on their $10.2 million in wagers. FanDuel has totaled $23.6 million in revenue while BetRivers is less than $850,000 ahead since launch.
DraftKings beat the weekly hold of 4.6%, claiming more than $5.3 million in revenue on a 5.1% win rate. It bypassed FanDuel for second in overall revenue since launch at nearly $27.1 million with a hold of 7.4%. BetMGM also had a rough second week compared to its first as its win rate plunged more than 4 percentage points to 1.9%, resulting in $710,277 in revenue.
Overall, mobile operators have claimed just shy of $113 million in revenue, which is barely behind New Jersey’s record monthly haul of nearly $114.8 million in November. It is possible that the state’s four retail sportsbooks will wind up putting New York over the top to claim that No. 1 spot when the NYSGC releases its full report.
The Empire State has already claimed the highest monthly tax receipts total through mobile wagering, with the 51% rate on gross revenue resulting in more than $61.1 million directed into state coffers. While revenue totals can fluctuate wildly from month to month, that total puts New York ahead of the $500 million annual revenue projection that then-Gov. Andrew Cuomo put forth when supporting the tax rate that is the highest of any state with sports wagering.