New York Sets Sports Betting Revenue Record in January

New York sports betting apps and retail providers continue to break records, further solidifying their dominance in the sports betting scene.

Although the total monthly handle for New York sports betting decreased from December, the top sports betting sites in the Empire State achieved a new record in revenue, surpassing both state and national levels.

In January, New York solidified its position as the undisputed leader among legal sports betting states. With the highest monthly handle in the U.S. legal sports betting industry, record-breaking revenue, and the most taxes collected by any state’s top sports betting apps in a single month, New York has truly proven itself as the “King of the Legal Sports Betting States.”

New York draws nearly $2B in mobile handle

In January, New York sports betting sites received a total of $1,955,590,364 in mobile bets, as reported by the New York State Gaming Commission.

Although the figure ended a three-month streak of monthly handles exceeding $2 billion, January’s sports wagering numbers showed a 9.3% increase from the almost $1.8 billion handle in January 2023, which set a state record at the time.

January’s handle was slightly below the $2.05 billion reported by New York’s top sportsbooks in December, likely due to the abundance of New York sportsbook promotions that have coincided with the state’s growth in the industry.

New revenue record in January

In January, New York sports betting providers set a new record with $211.7 million in revenues, surpassing the previous national record held by Ohio sports betting apps at $209.1 million in January 2023.

In January, revenues surpassed New York’s previous record of $189.3 million set in December by 11.8%, showing a 41.2% year-over-year improvement from the $149.9 million earned in January 2023.

New York state and local coffers collected a record $107.9 million in taxes from Empire State providers, thanks to the 51% tax rate. This marked an increase of nearly $11.8 million from the previous month and a spike of about $31.6 million compared to January 2023 contributions.

FanDuel reigns supreme with record-setting month

In January, FanDuel New York dominated in both handle and revenue against DraftKings New York. FanDuel captured $867.1 million of the total $2 billion handle in the state, giving them a market share of approximately 44.3%.

In January, FanDuel made history as the first New York sportsbook to surpass $100 million in monthly revenues, bringing in an impressive $109.2 million in profits. This accounted for approximately 51.6% of the state’s total monthly sportsbook revenue.

To provide some context, only four states in the American market have reached the $100 million revenue milestone. In just one month, a single provider in one state achieved this feat in January.

DraftKings came in second place in the New York sports betting market, with January bets totaling $664.8 million and setting a new record for monthly revenue with earnings just shy of $71 million.

In January, BetMGM New York recorded a handle of $118.8 million, making it the second highest in the state. The sports betting site achieved a monthly revenue of over $10 million for the first time, surpassing this milestone by only $12,500. Caesars Underscoreg New York held the fourth position, with Resorts World ranking fifth among the most popular sports betting apps in New York.