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.
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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.”
What about the other books?
There are three sportsbooks left to launch:
- Bally Bet
- Resorts World Bet
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.