The Super Bowl helped the young mobile NY sports betting market hit its second-best week in terms of handle for the week ending Feb. 13.
It would be nice to know exactly how much of that was on the Super Bowl, but that is not happening, according to a New York State Gaming Commission spokesperson.
Instead, the commission reported its weekly numbers for mobile NY sportsbooks the same way as always:
- $472.1 million in handle
- $15.4 million in sports betting revenue
- $7.9 million in taxes
FanDuel establishing NY sports betting dominance?
It looks like the early handle lead from Caesars Sportsbook, gained with help from its promo offer being three times higher than others at launch, is starting to slip.
Caesars took third place in terms of handle for the week ending Feb. 13, though it stood a clear second in revenue:
| Handle | Revenue | Hold | Taxes | |
|---|---|---|---|---|
| FanDuel | $175,437,706 | ($2,726,650) | -1.6% | ($1,390,592) |
| DraftKings | $121,457,820 | $11,322,420 | 9.3% | $5,774,434 |
| Caesars | $107,211,596 | $5,821,284 | 5.4% | $2,968,855 |
| BetMGM | $43,304,190 | ($362,488) | -0.8% | ($184,869) |
| PointsBet | $12,123,823 | $880,727 | 7.3% | $449,171 |
| BetRivers | $11,499,208 | $284,625 | 2.5% | $145,159 |
| WynnBET | $1,101,825 | $174,062 | 15.8% | $88,772 |
| Total | $472,136,168 | $15,393,980 | 3.3% | $7,850,930 |
FanDuel Sportsbook led all operators with 37.2% handle share for the Super Bowl week, but it ended up losing money in the period. That is followed by DraftKings Sportsbook with 25.7%. Caesars, meanwhile, ended the week with 22.7% handle share.
DraftKings was second in terms of handle but far and away led the week in terms of revenue with $11.3 million, or 73.6% of the total.
Almost $800 million bet through 13 days of February
The pecking order in terms of handle share is the same when looking at the first 13 days of February, compared to the week ending Feb. 13:
| Handle | Revenue | Hold | Taxes | |
|---|---|---|---|---|
| FanDuel | $289,993,955 | ($569,509) | -0.2% | ($290,450) |
| DraftKings | $198,419,466 | $17,528,463 | 8.8% | $8,939,516 |
| Caesars | $182,466,726 | $11,494,110 | 6.3% | $5,861,996 |
| BetMGM | $73,433,233 | ($542,396) | -0.7% | ($276,622) |
| PointsBet | $22,614,681 | $841,976 | 3.7% | $429,408 |
| BetRivers | $18,895,424 | $811,575 | 4.3% | $413,903 |
| WynnBET | $1,353,181 | $207,719 | 15.4% | $105,937 |
| Total | $787,176,666 | $29,771,938 | 3.8% | $15,183,688 |
The $15.2 million in taxes means the state will likely take less than the record $63.2 million it collected for January. That is expected given February’s slower sports calendar and the playthrough of promo dollars.
The industry perks back up in just under a month, though: March Madness betting begins when the First Four kicks off March 15.
Is change coming to NY sports betting tax rate?
DraftKings CEO Jason Robins offered a glimmer of hope on New York, but it must be taken with a grain of salt.
Robins said there is “chatter” about a potential change to the record 51% tax rate paid by mobile operators in New York:
“We are waiting to see,” Robins said. “We’ll adjust accordingly. Customer acquisition has been so efficient and the early cohort so strong, we are hopeful with an appropriate tax it can be a very profitable market. If not, we will make necessary adjustments.”
Not so fast, Sen. Joe Addabbo Jr. told Play NY: “While anything is possible in Albany, there has been no discussion on tax rate at this point.”
