New York's Sports Betting Results Show Decline in February
LISTEN TO THIS ARTICLE:Last month saw sports bettors in New York wager a total of $1.77 billion online and revenue in the state came to $131.4 million.
February’s total was up 20.4% from the $1.47 billion bet in February 2023. However, it was 9.7% lower than January’s $1.96 billion and the smallest monthly amount since September 2023. Gross gaming revenue grew by 21.3% year-over-year to $131.4 million but this was 37.9% less than January’s $211.5 million and the lowest amount since August 2023.
The market leader remained FanDuel, owned by Flutter Entertainment. It posted revenue of $63.4 million from a handle of $720.1 million. It was followed by DraftKings with $53.4 million in revenue from a handle of $607.9 million. Third was Caesars with $6.7 million in revenue and a handle of $160.7 million. Fourth was RSI with revenue of $3 million from $46.9 million.
Fanatics’ Acquisition of PointsBet Continues
Fanatics was the only other operator to enjoy revenue of over $1 million. It saw revenue of $2.9 million from $82.9 million in bets. Fanatics technically only launched in New York on 1 March, the latest part of its takeover of PointsBet US.
February’s figures mean that New Yorkers have spent a total of $17.80 billion on sports betting in the financial year to date, which is an 8.6% increase from the $16.40 billion at the same time last year. Revenue for the 11 months to the end of February came to $1.61 billion, up 10.5%.
New York Produces Most Sports Betting Tax in US
A study published last month found that New York's betting market contributed more than 37% of the total tax revenue that is generated by sports betting in the US. According to the Quarterly Survey of State and Local Tax Revenue (QTAX), across the country, sports betting accumulated national tax and gross receipts of just below $506 million in the third quarter. This was an increase of 20.5% from the third quarter in 2022 but down from the second quarter in 2023.
New York easily generated the most tax from sports betting at $188.5 million. In second place was Indiana at $38.6 million. Ohio was third with $32.9 million, Illinois fourth with $32.4 million, and Pennsylvania fifth with $28.8 million.
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