New Wagering Handle Record Set in New York

Thanks to an unexpected playoff run by the New York Giants, a new record for wagering handle was achieved in New York in January 2023.

The New York sports betting scene is currently experiencing an empire state of mind. The New York State Gaming Commission recently announced record-breaking numbers for sports betting in January.

The handle reached a staggering $1.8 billion, just short of the $2 billion milestone. This surpasses the previous all-time monthly record of $1.69 billion set in January 2022, when online sports betting in New York was first introduced. New York now boasts the top eight monthly handle records since the repeal of PASPA, and holds 10 of the top 12 overall marks.

In New York, all 13 months of online sports betting have made it to the top 50 list of all-time handles reported in the United States. January saw record-breaking numbers, setting new milestones for revenue for NY sports betting operators and tax revenue for the state. The total revenue reached just under $150 million, making New York the leader in monthly revenue totals within the U.S. sports betting industry since PASPA was overturned.

The new year got off to a great start as New York sports betting shattered almost all imaginable records in 2022.

New York sports betting wins the Super Bowl

New York bettors took the lead in Super Bowl 57 wagering, with GeoComply reporting that the state accounted for nearly 14% of the total 100 million geolocation transactions conducted during the big game weekend in the US. GeoComply specializes in fraud detection and cybersecurity for the sports betting industry, identifying users’ true identities and locations through sports betting apps. In total, New York recorded 13.9 million geolocation checks for the event.

Ohio, a recent addition to the U.S. sports betting industry as of January 1, 2023, came in second for geolocation checks with 12.6 million, trailing only Pennsylvania’s 11.8 million. New York followed closely behind with 13.9 million geolocation checks, and had the second highest number of unique accounts registering a check at 851,000, just behind Ohio’s 1.1 million.

What are the best mobile sportsbooks in New York?

In New York, there are nine top sportsbooks operating within the legal sports betting market. The record-breaking handle in January was advantageous for those with the largest market share. FanDuel led the way, accounting for more than 40% of all wagers accepted in the state with a total handle of $726.7 million. DraftKings followed closely behind with a handle of $593.4 million, while Caesars completed the top three with a handle of $223.7 million.

BetMGM recorded a handle of $122.9 million, while PointsBet and BetRivers set new all-time monthly handle records with nearly $58 million and $47.6 million in bets, respectively. WynnBet is facing challenges in the New York sports betting market with a market share of just 2%, placing it last among the nine mobile sportsbook operators.

Are NY sports betting ads doomed?

The legal sports betting industry in the U.S. is experiencing significant growth, but this comes with criticism, particularly regarding sports betting advertising. In an effort to address this issue, Congressman Paul Tonko introduced the Betting on our Future Act, which aims to ban all online and electronic sports betting advertising nationwide.

Since the Supreme Court legalized sports betting, there has been a proliferation of unrestricted advertisements from betting companies spending billions to reach audiences nationwide. Congressman Tonko specifically criticized DraftKings and FanDuel for saturating screens with ads, creating an environment where millions are bombarded with promotional material in an aggressive effort to attract new customers.

It is noteworthy when a federal legislator uses strong language, especially considering previous attempts by New York lawmakers to regulate the sports betting industry at the Congressional level. In 2018, Senator Chuck Schumer of New York and Senator Orrin Hatch of Utah introduced the Sports Wagering Market Integrity Act, which would have required states to obtain approval from the U.S. Attorney General for their sports betting regulations. Although the bill did not progress past the committee stage, it will be intriguing to see if Senator Tonko’s legislation gains more support.

Currently, New York sportsbook promotions are not only secure but are thriving in the largest sports betting market in the country.