New York breaks national monthly sports betting handle record at $1.6B; becomes new top state

New Yorkers have wagered about $1.6 billion in mobile sports bets in January, according to an official report by the New York State Gaming Commission. The new figure has led the Empire State to break the record for monthly handle, which was held by New Jersey, which posted $1.3 billion in bets in October.

New York State is set to bring in about $58 million in tax revenue for January, 51% of the total $121 million in gross gaming revenue posted by mobile sportsbooks live in the state. Since its launch on January 8, the market has posted strong figures day after day: gamblers wagered $150 million in the first weekend alone, and broke the $1 billion mark within 15 days.

The record-setting performance has led analysts to crown New York as the new top state for sports gaming, a title New Jersey used to hold. The Garden State not only held the monthly handle record, but was also the first to reach more than $1 billion in bets in a single month.

Mobile sports betting brought in $1.62 billion in New York between January 8 and the week ending January 30, but in-person sports betting added about $15 million more, bringing the monthly total to $1.64 billion. This is great news for parties involved and sports betting supporters.

"When we brought mobile sports betting to New York, we had confidence it was going to be a success, but to be able to break the national record of total handle for sports betting in a single month in our very first month, with primarily only six sportsbooks, is both rewarding and exciting," said State Senator Joseph P. Addabbo, Jr., the Chair of the NYS Racing, Gaming and Wagering Committee. 

Six sports operators provided legal mobile wagering in the state during January: Caesars, DraftKings, FanDuel and BetRivers, which went live upon launch; and BetMGM and PointsBet, which joined them shortly after. WynnBET launched operations in early February, while BallyBet and Empire Resorts are yet to go live.

"Breaking this record proves that New York was ready for mobile sports betting and we are providing our state with a new revenue, educational and addiction funding source,” added Addabbo. “It also can give us an indication of where we go from here, especially with the Super Bowl within our sights. The future is extremely bright for mobile sports betting in New York." 

New York State Senator Joseph P. Addabbo, Jr.

Operators have also celebrated the strong market performance. “Legal sports betting in New York has exceeded all of our expectations,” said Kevin Hennessey, a spokesperson for FanDuel, according to Associated Press.

“New York and New Jersey combined are practically the center of legal sports betting in the United States,” explained Hennessy. “We are thrilled with how many New York customers have signed up to the FanDuel Sportsbook, and we continue to see New Jersey as a growing market.” He further explained the Buffalo Bills playoff run generated heavy interest, and noted the Winter Olympics, the NHL All-Star Game and the Super Bowl are all imminent.

Caesars has managed to position itself as the early leader in the state, with over $615 million in handle and $56 million in revenue. It was followed by FanDuel, which took in nearly $502 million in bets, and generated $23.6 million in revenue.

DraftKings placed third with $367 million in handle and $27 million in revenue; BetMGM posted $78 million in bets and $3.2 million in revenue and BetRivers placed fifth with $32 million in bets and $837,035 in revenue. PointsBet followed with $29 million in bets, and $2.3 million in revenue.