The first 24 days of mobile NY sports betting proved quite fruitful for the state’s coffers.
Mobile and retail New York sportsbooks combined to pay $63.2 million in taxes in January. That comes from $123.1 million in sports betting revenue on $1.686 billion bet.
Those three-plus weeks of mobile betting crushed tax payments from the prior 25 months of retail sports betting (casinos were closed between March and Sept. 2020 from the coronavirus.) That performance suggests that at least in a first year boosted by promotional credits, New York could realize close to the lofty $500 million in taxes former Gov. Andrew Cuomo pitched.
Those retail books – taxed at 10% instead of the massive 51% the mobile books pay – contributed less than $4.2 million in taxes from launch through December 2021.
NY sports betting results by operator
Unsurprisingly, no retail casino location even came within 25% of the handle taken by any of the six mobile sportsbooks live in January:
| Handle | Revenue | Hold | Taxes | |
|---|---|---|---|---|
| Caesars | $627,401,761 | $58,985,112 | 9.4% | $30,082,407 |
| FanDuel | $517,492,498 | $28,089,392 | 5.4% | $14,325,590 |
| DraftKings | $377,952,846 | $29,582,503 | 7.8% | $15,087,076 |
| BetMGM | $82,204,532 | $3,847,998 | 4.7% | $1,962,479 |
| BetRivers | $33,465,116 | $1,072,328 | 3.2% | $546,887 |
| PointsBet | $31,202,281 | $2,561,623 | 8.2% | $1,306,428 |
| Rivers Casino | $7,360,773 | $81,508 | 1.1% | $8,151 |
| del Lago | $4,551,924 | ($755,006) | -16.6% | ($75,501) |
| Resorts World | $2,984,261 | ($240,340) | -8.1% | ($24,034) |
| Tioga Dows | $1,647,906 | ($94,991) | -5.8% | ($9,499) |
| Total | $1,686,263,898 | $123,130,127 | 7.3% | $63,209,984 |
Caesars Sportsbook came out swinging with promo offers three times the closest competition over launch weekend. That clearly helped it with the market share fight for January. The sportsbook took 37.2% of all dollars bet and 47.9% of revenue in the month.
FanDuel Sportsbook started to pick up additional share throughout the month and ended with 30.7% handle share and 22.8% revenue share. DraftKings Sportsbook, which launched with similar promotional offers to FanDuel, had a larger revenue share at 24.0%, despite 22.4% handle share.
BetRivers did the least business out of the four sportsbooks available at launch. BetMGM launched nine days later and more than doubled handle and tripled revenue. PointsBet started 16 days later and was just $2.3 million in bets shy of BetRivers’ total.
It is worth noting New Jersey sportsbooks seemed to weather the initial launch storm just fine despite the active promotional environment in New York last month. NJ handle hit a new monthly record of its own with more than $1.3 billion bet.
Will Super Bowl betting lead the country?
The New York State Gaming Commission will report details on Super Bowl betting Friday. There should be little surprise if New York leads the other US sports betting jurisdictions, given the market’s massive performance so far.
New Jersey reported $143.7 million in handle, which is second to only Nevada’s $179.8 million.
Total legal handle reported by 10 states for this year’s game already topped the $486.5 million reported by 17 jurisdictions in 2021.
NY sports betting numbers for February so far
Now that January’s numbers are finalized, we can see what the first six days in February looked like:
| Handle | Revenue | Hold | Taxes | |
|---|---|---|---|---|
| FanDuel | $114,556,249 | $2,157,141 | 1.9% | $1,100,142 |
| DraftKings | $76,961,646 | $6,206,043 | 8.1% | $3,165,082 |
| Caesars | $75,255,130 | $5,672,826 | 7.5% | $2,893,141 |
| BetMGM | $30,129,043 | ($179,908) | -0.6% | $-91,753 |
| PointsBet | $10,490,858 | ($38,751) | -0.4% | $-19,763 |
| BetRivers | $7,396,216 | $526,950 | 7.1% | $268,745 |
| WynnBET | $251,356 | $33,657 | 13.4% | $17,165 |
| Total | $315,040,498 | $14,377,958 | 4.6% | $7,332,759 |
The next report that will tally the results for the week ending Feb. 13 will also come out Friday.
