April Online Sports Betting in New York Nears the 2 Billion Mark
April’s online sports betting handle in New York was $1.96 billion, one of the largest since the regulated market launched in the state in January 2022.
New York online sports betting handle reaches $1.96 billion in April.
LISTEN TO THIS ARTICLE:The figure is 27.3% more than the handle in April 2023 and 6% more than the $1.85 billion of March this year.
Gross gaming revenue from sports betting in April was $183.8 million, an increase of 32.4% from the $138.8 million in April 2023 and 21.2% more than the $151.7 million in March. The largest ever monthly revenue in New York of $211.5 million came in January this year while the largest handle was $2.11 billion in November 2023.
FanDuel Continues to Lead the Way
FanDuel, owned by Flutter Entertainment, continues to be the most successful sports betting operator in New York. Last month, the operator generated revenue of $91 million from a handle of $780.5 million.
This was somewhat ahead of DraftKings, which managed revenue of $63.2 million from a handle of $737 million. In third place was Caesars with revenue of $10.4 million from a handle of $158.8 million.
Fourth place went to BetMGM with a revenue of $9.1 million and a handle of $130.2 million, and in fifth place was Fanatics with a revenue of $5.6 million from a handle of $74.1 million.
The only other operator to generate revenue of more than $1 million was Rush Street Interactive with $3.3 million from a handle of $67.1 million. Resort World generated revenue of just $616,681 from $6.6 million, BallyBet managed $580,801 from $7.7 million, and Wynn Interactive posted $85,070 in revenue from $1.9 million.
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A Healthy Betting Market
New York’s online betting market has flourished since opening in January 2022. It has become one of the largest markets in the US, easily overtaking more established betting markets such as those in New Jersey and Indiana.
The state has become the biggest contributor to sports betting tax, confirmed by the Quarterly Survey of State and Local Tax Revenue (QTAX) conducted by the United States Census Bureau earlier this year.
It found that New York contributed more than 37% of total sports betting tax revenue in the US. In Q3 2023, sports betting contributed national tax and gross receipts of close to $506 million, of which $188.5 million came from New York, almost five times more than second-place Indiana with $38.6 million.
However, it is important to keep in mind that New York has the highest tax on gross gambling revenue, 51%.
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