New York’s mobile sports betting action continues to concentrate in the four major operators at the same time state leaders are looking to expand the number of sportsbooks in the state.
The latest gaming commission numbers show that of the state’s total wagering handle of $359.5 million for the week ending March 6, FanDuel booked $145.6 million, or 40.5%. The No. 2 operator in New York, DraftKings, did $91.9 million in handle, or 25.6%, while Caesars generated $64.8 million, or 18%, and BetMGM took in $38.9 million, for a 10.8% share of the market.
That left 5.1% of the market to be divided among the three other operators reporting numbers for the week: WynnBET, PointsBet, and BetRivers. Resorts World launched its mobile sports betting app in New York on March 3, but the state did not release a report on its early numbers. Another operator, Bally Bet, has been licensed in New York, but has said it likely won’t launch until April.
Legislators look to add operators
Meanwhile, legislators in both the state Senate and Assembly have introduced companion bills that would usher in at least five new operators by January and more beyond that, lowering the tax rate for all operators from 51%, the highest such rate in the nation. State Assemblyman J. Gary Pretlow told NY Online Gambling this week he is looking to add 10 new operators in the long run, lowering the tax rate to 25%.
Given the consolidation of the market, the new operators could be fighting over relative scraps. Pretlow still is hoping new operators will bring more promotions to New York bettors while potentially adding racial diversity to the mix of companies doing business in the state.
“The big guys are still going to glom up a lot of the major players, but it gives someone else a shot,” Pretlow said.
New York’s gross gaming revenue for last week totaled $33 million. Since the launch of mobile sports gambling, the state’s operators have taken in $3.5 billion in wagers and a GGR of $237.7 million, of which $121.3 million has gone to the state in taxes.
New York adopted the 51% tax rate also used in New Hampshire. FanDuel has been the market leader among mobile sports operators for seven straight weeks.