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A report on sports betting revenue in New York was unveiled, showing significant success as the state’s revenue exceeded $3 billion last month. The Gaming Commission disclosed the adjusted gross revenue for the week ending January 21, totaling over $47.5 million.
Key achievements:
Currently, only New York and New Jersey have exceeded $3 billion in monthly revenue. December’s revenue was the highest recorded, reaching $189.3 billion.
Sports betting apps in New York are witnessing unprecedented popularity. Since their inauguration in January 2022, the previous week ranked as the seventh most successful, generating nearly $30 million. The record was set in the week ending January 14, with revenues hitting $67.3 million.
The total betting amount was $490.7 million last week, largely fueled by the NFL divisional round playoffs, marking it as the sixth highest revenue week.
The AGR was positive for all operators nationwide, allowing the state to collect over $24.2 million in taxes, given New York’s 51% tax rate on mobile betting.
Noteworthy success for New York operators:
According to Sports Handle, FanDuel emerged as New York’s top-performing operator, earning over $25 million in just one week. The company is poised to position New York among the mere four states to achieve over nine figures in monthly revenue, as it approaches $100 million, given its $610.8 million betting handle.
DraftKings also enjoyed a lucrative period, becoming the sole operator to reach $1 billion in sportsbook revenue. BetMGM followed suit with a $2.2 million haul, surpassing Caesars by $137,000.
Bally Bet reached over $2 million in weekly betting handle for the first time since entering the New York market. Resorts World and WynnBET also recorded substantial handles, with WynnBET attaining $2.2 million.
Other sportsbooks are nearing significant achievements too. Resorts World is on track to hit $500,000 in monthly revenue with a $1.8 million handle, while WynnBET achieved a sub-4% hold with a $1.9 million handle.
After the 2023 NFL divisional round, Fanatics’ PointsBet regained momentum, processing $8.5 million in bets annually for the first time. Its revenue stood at $522,000.
BetRivers consistently generated over $650,000 in weekly revenue for the fifth week in a row. Its betting handle was $12.3 million, yielding $741,000 in profits.
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