Please ensure Javascript is enabled for purposes of website accessibility New York sets sports betting handle record in first month of mobile wagering - Baltimore Independent

New York sets sports betting handle record in first month of mobile wagering

New York, as expected, broke the record for monthly sports betting handle last month, and the state only needed three weeks to do it.

Figures released from the New York State Gaming Commission late last week showed that through Jan. 30, the six state-approved mobile betting apps reported a combined handle of $1.62 billion. That topped the $1.3 billion set by New Jersey in October.

Mobile sports betting apps did not get the go-ahead to take bets in New York until Jan. 8.

“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,” state Senate Racing, Gaming and Wagering Chairman Joe Addabbo, D-Queens, said 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!”

Of the $1.62 billion wagered in New York, operators claimed gross revenues of $113 million. Per the solicitation for licenses the Gaming Commission oversaw last year, the state taxes those operator winnings at 51%.

That means that in the first month of mobile sports betting, New York has already exceeded its first fiscal year projection of $249 million in revenue. The state already received $200 million from the winning applicants in licensing fees.

“We look forward to a robust landscape of mobile sports wagering for years to come, one that helps to fund education in New York State as well as provide annual awards to sports programs for underserved youth and problem gambling education and treatment,” said Jason Gough, a spokesperson for Gov. Kathy Hochul in a statement to The Center Square.

It’s possible betting activity may fall off in February. While the Super Bowl takes place this month – and it ranks as the single most popular event for U.S. sports bettors – it and Sunday’s Pro Bowl are the only football games in February. Football tends to be the most popular sport for bettors in most states.

Data from the Gaming Commission showed that the handle for the last full week of January was $449.3 million, down from the $572.6 million wagered over the previous week. The week ending Jan. 23 had twice as many pro football playoff games, including one with the Buffalo Bills.

Caesars Sportsbook posted the highest handle and gross revenue totals of the six operators with $615.5 million and $55.9 million, respectively. FanDuel reported a handle of $501.8 million and revenues of $23.6 million, while DraftKings took $367.7 million in bets and won $27.1 million.

BetMGM, which launched on Jan. 17, reported a handle of $78.1 million through Jan. 30 and revenues of $3.2 million. PointsBet, which launched a week after BetMGM, reported first-week totals of $29.5 million and $2.3 million.

BetRivers, which launched on Jan. 8 with Caesars, DraftKings and FanDuel, reported a monthly handle of $32.4 million and revenues of $837,035.

The Gaming Commission approved three other operators to work in the state. WynnBET officially launched last Monday. The others are Resorts World Bet and BallyBet.

While mobile apps launched last month, New York’s upstate casinos have offered sports betting for a couple of years. According to the Gaming Commission, the sportsbooks at del Lago, Resorts World Catskills, Rivers Schnectady and Tioga Downs casinos generated a combined handle of $21 million for January.

This article was originally posted on New York sets sports betting handle record in first month of mobile wagering

Leave a Reply

Your email address will not be published. Required fields are marked *