Mobile NY Sports Betting Soars Past $1 Billion Wagered In Two Weeks

Written By Matthew Waters on January 28, 2022
NY sports betting

Mobile NY sports betting is smashing expectations on handle with more than $1.1 billion wagered through barely two weeks.

The first four online New York sportsbooks and BetMGM, which launched Jan. 17, combined for $572.6 million in handle and $43.2 million in revenue for the week ending Jan. 23.

That brings New York handle to $1.176 billion in handle and $91.4 million in revenue through the first 16 days of the market. That is more than three times the handle and double the revenue the state’s retail betting market produced since launch in July 2019.

That sports betting revenue translates to $46.6 million in tax revenue because of the state’s record 51% rate. That pace tracks relatively well for the state’s $500 million budget projection, accounting for seasonal fluctuations.

Caesars still rules NY sports betting

Caesars’ hot start, off the back of the largest promo offer in the market, continued through the second full week. That is despite the well-documented issues of delayed payouts and customer service.

SportsbookWeekly handleWeekly revenueTotal handleTotal revenue
Caesars$229,709,718$19,036,117$487,360,917$41,750,855
FanDuel$159,653,476$10,038,212$360,005,361$24,179,011
DraftKings$131,058,363$10,828,664$265,475,441$21,751,213
BetMGM$40,569,269$2,514,702$40,569,269$2,514,702
BetRivers$11,561,320$784,797$22,194,993$1,231,493
Total$572,552,146$43,202,492$1,175,605,981$91,427,274

In terms of market share for the first 16 days:

  • Caesars: 41.5% of handle, 45.7% of revenue
  • FanDuel: 30.6% of handle, 26.4% of revenue
  • DraftKings: 22.6% of handle, 23.8% of revenue
  • BetMGM: 3.5% of handle, 2.8% of revenue
  • BetRivers: 1.9% of handle, 1.3% of revenue

First week in New York for BetMGM

BetMGM will have some catching up to do but got off to a record start, CEO Adam Greenblatt said during a company update.

“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.”

The next weekly results update will bring the first results from PointsBet, which became the sixth operator live in New York when it launched late on Jan. 24.

What about the other books?

There are three sportsbooks left to launch:

  • Bally Bet
  • Resorts World Bet
  • WynnBET

Resorts World Bet is working to launch “as soon as possible,” a spokesperson told Play NY‘s Mike Mazzeo.

WynnBET is up for sale for a reported $500 million but is still expected to launch in New York before the sale.

Bally Bet could be the last to market. Chairman Soo Kim told CNBC Bally’s will not launch the brand in New York until April to avoid the “insane” promotional environment.

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Matthew Waters

Matthew Waters is a reporter covering legal sports betting and the gambling industry. Previous stops include Fantini Research and various freelance jobs covering professional and amateur sports in Delaware and the Philadelphia area.

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