The seven active mobile NY sports betting operators combined for $1.491 billion in bets through all but one day of February.
Considering that average handle per day works out to $55.2 million, it should be safe to assume the entire month of February will eclipse the $1.5 billion mark. The official monthly breakdown might not come until next week.
That sets New York sportsbooks up to pay about $41 million in taxes for February. That would push total taxes paid to more than $100 million already for less than two months after $63.2 million paid in January.
Mobile NY sports betting recap
Operators took $350.3 million in handle for the week ending Feb. 27. That was down just 0.9% from the prior week.
FanDuel again led the market with a 37.7% handle share. Peter Jackson, CEO of FanDuel parent company Flutter, said during an earnings call that FanDuel’s customers are “voting with their feet” and returning after taking promo dollars from competitors.
While FanDuel is also the handle leader for the month through Feb. 27, DraftKings still leads with 36.4% of all revenue. Caesars Sportsbook, which initially led handle share after launching with the richest promo offer, is third with a 21.2% handle share in February.
Another operator will join the mix on the next report. Resorts WorldBET launched with PointsBet as its platform provider Thursday.
Market will not stay slow for long
It could feel a bit ridiculous to call $350 million in handle for one week ‘slow.’ That is likely how it will look in comparison to weeks with March Madness betting, though.
Selection Sunday is this week, with First Four games starting Tuesday. That means the first report including March Madness handle should come out March 25 and will include betting through the second round.
There will not be any betting on New York colleges in the state, either – and not because most look likely to miss the tournament. New York does not allow betting on in-state colleges, nor does it allow any college player props.