New York Hits $1.5 Billion Sports Betting Handle ... Again

Aaron Judge of the New York Yankees. — Aaron Judge of the New York Yankees is walked to first during the ninth inning against the Philadelphia Phillies at Yankee Stadium. Photo by Sarah Stier/Getty Images/AFP.

In April, New York’s online sports betting platform surpassed $1.5 billion in monthly handle for the ninth time since its launch.

This week, the New York State Gaming Commission announced the revenue figures for April 2023, revealing a lively wagering scene in the Empire State despite the absence of NFL or March Madness events, as well as reduced NBA and NHL playoff schedules.

Although New York sportsbooks saw a decrease in sports betting activity from March to April, they still had more action compared to April of the previous year. While April’s revenues were lower than March’s, they surpassed the profits from the same time last year.

April’s legal mobile and retail sports betting numbers ultimately brought New York closer to a significant achievement. Including last month’s data, the Empire State is now on the verge of exceeding $1 billion in tax revenue generated from the sports betting industry.

New York’s April handle

Even without any major sports betting events in April aside from the NFL Draft, New York sportsbooks maintained their success. The New York State Gaming Commission announced a handle of $1.55 billion for the month, marking the sixth time in the past seven months that the state has exceeded the $1.5 billion handle mark.

April’s sports betting numbers were 14% lower than the record-breaking month of March, when $1.79 billion was wagered at New York’s legal sports betting sites. Nonetheless, the $1.55 billion in bets for April marked a 10.8% increase from the $1.39 billion wagered in April 2022.

Revenues follow same trend

Similar to the decline in New York’s April sports betting handle, the revenues for the top betting sites in the state also decreased from the record-breaking performance in March. Despite this, New York sportsbooks were able to report revenues of just under $139.9 million for April, thanks to a solid 9% hold.

The gross gaming revenue of $139.9 million for April reflects a decrease of 14.7% from the record $162.8 million in March. However, it is a significant improvement from the $104.1 million in sportsbook profits reported in April 2022, showing a positive increase of $35 million or 33.3%.

Underscoregs contributed $70.8 million in taxes from their revenues to support New York state educational programs.

Since New York began accepting sports bets in July 2019, the total tax contribution has reached $983.5 million, largely due to the state’s favorable 51% tax rate. Of this amount, approximately $979.3 million has been generated in the past 16 months following the launch of mobile sports betting sites in January 2022.

In May, New York’s sports betting industry is projected to generate $1 billion in tax revenue, making it the third state to reach this milestone.

FanDuel rules New York again

In April, FanDuel maintained its position as the leading mobile sports betting site in New York, capturing 40.55% of the state’s total handle with $623.3 million. FanDuel New York also generated $71 million in gross gaming revenue, representing 51.13% of the state’s total GGR.

DraftKings came in second place in terms of handle in New York, with approximately $516.4 million spent at their sportsbook last month, giving them a market share of 33.44%. The gross gaming revenue for DraftKings in New York was $44.9 million, making up 32.36% of the total state revenue.

Caesars underscoreg took third place in New York for April with a handle of $185.3 million and revenue of $12.8 million. BetMGM followed in fourth with $126.7 million in bets and $7.1 million in revenue. Rush Street Interactive rounded out the top five with $49.1 million in bets and slightly over $800,000 in revenue for the month of April.

Written By:
Perry Sandra

Perry Sandra and betting go hand-in-hand. Both are characterized by “odds”. Dave fancies himself as one of the most dedicated sports and pop-culture junkies around, to the chagrin of his family and friends. Following sports for 50 years and writing about it for 20, Dave hasn’t found a sport yet that can’t contribute to 2-3 straight hours of couch time. That search remains ongoing. As a good old Canadian boy, hockey is in Dave’s heart, as is curling sadly. But evolution is a real thing and that’s why football, baseball, and just about every sport on the planet has become a passion. Dave isn’t afraid to kill some time obsessing over politics or the far-too-frequent awards shows the consume the airwaves.