Mobile NY Sports Betting Tax Bill Tracking Well For Projections

Written By

Updated on

NY sports betting

The mobile NY sports betting market has already contributed $163.6 million in taxes for education in under three months.

The eight online New York sportsbooks combined for $58.3 million in taxes in March, which is 51% of the $114.3 million won by the books last month, according to the state’s report released Monday. The $1.638 billion bet during March is up 7.2% from February, mostly because of March Madness betting.

That handle total is still 1.9% lower than the $1.7 billion bet during the partial launch month of January.

FanDuel dominated NY sports betting in March

It appears New Yorkers favor FanDuel Sportsbook as the dust starts to settle from the huge promo dollars tossed around at launch.

Resorts World Bet$4,945,480$518,13810.5%$264,250

FanDuel handled 44.1% of all the online dollars bet in New York last month. It owned an even larger chunk of revenue at 47.4%.

DraftKings held second place for handle with a 27.1% share while Caesars Sportsbook was second in revenue with a 26.2% share.

Negative revenue to start April

Not every sportsbook won during the first three days of April, which included the two Final Four games. That has April starting off in the red for taxes.

Resorts World Bet$229,894($55,306)-24.1%($28,206)

It will be interesting to watch the battle for third in handle between Caesars and BetMGM given the way April started. Caesars share has steadily decreased since it launched with the largest promo offer in January and ended most traditional marketing.

Caesars will still prominently be in the minds of New Yorkers, though, especially Mets fans. The brand announced it is an official sports betting partner of the Mets last week.

When will Bally’s join NY sports betting?

There is just one licensee left to launch in New York: Bally Bet. Bally’s wanted to wait until its Bally Bet 2.0 platform was ready before jumping into New York, which is why Chairman Soo Kim said the brand would launch in April.

There is a chance Bally Bet could be out of New York for even longer, though. CEO Lee Fenton mentioned a first-half launch in both Arizona and New York, which would push the possible launch window through June.

More sportsbooks might join New York’s market at a later date but it will not be this year. The New York budget did not include plans to add licensees with Sen. Joe Addabbo Jr. telling LSR the move might be “premature.”