Talk about a debut: mobile NY sportsbooks just rewrote the record books when it comes to a new market launch.
And that’s just through the first nine days.
The first four mobile New York sportsbooks took $603 million in bets from launch on Jan. 8 through Jan. 16. They combined for $48.2 million in sports betting revenue, or an 8% hold.
That translates to nearly $24.6 million in taxes already for New York thanks to the state’s 51% tax rate.
Which NY sportsbooks thrived?
Two of the four sportsbooks are probably thrilled that the New York State Gaming Commission is publishing results on a weekly basis to show off their hot start.
It is no surprise to see Caesars Sportsbook in first considering it had the most generous promotions. Whether the brand stays in first depends on how quickly Caesars addresses its payout and customer service issues that are getting plenty of play on social media.
There is a somewhat surprising disparity between FanDuel Sportsbook and DraftKings Sportsbook considering their promotions were similar. FanDuel took nearly 50% more handle than DraftKings, which might hurt the DraftKings’ stock price even more. The company closed at a 52-week low of $19.46 Friday.
BetRivers offered the least in promotions and it clearly shows. The brand accounted for just 1.8% of all handle.
BetMGM should post impressive numbers, too
Expect big numbers from BetMGM‘s first week whenever the numbers for the week ending Jan. 23 are posted. The brand launched the morning of Jan. 17 and did record business early on, according to CEO Adam Greenblatt:
“Yes, delighted with how it’s gone. Look, we’ve broken all of our records. It was the best first day of any live launch, we broke records for most registrations, for most first-time depositors, for deposits, for bets, for handle.
“And what I found particularly pleasing was our technology performed flawlessly – in line with our expectations, mind you, notwithstanding the volume – and linked to that our acquisition-funnel KPIs were also very pleasing.”
Some NY sportsbooks still on the sidelines
There are still four sportsbooks that have not yet launched:
- Bally Bet
- Resorts World Bet
PointsBet said in a market release it should be live by the end of January. That launch is reportedly coming soon, a source told PlayNY.