New York online sports betting handle dips to $1.77 billion in February

New York's online sports betting handle experienced a decline in February, dropping to $1.77 billion and marking its lowest monthly figure since $1.76 billion spent in September 2023, despite the excitement surrounding the Super Bowl.

While handle was 9.7% behind January’s $1.96 billion, it was 20.4% higher than the $1.47 billion in February 2023.

Gross gaming revenue reached $131.4 million, a decrease of 37.9% compared to January's $211.5 million, yet a notable 21.3% rise from $108.3 million in the same month in 2023. All in all, it was the lowest since $98.5 million in August 2023.

Leading the market, FanDuel reported $63.4 million in revenue from $720.1 million in bets, followed by DraftKings with $53.4 million from $607.9 million. Caesars secured the third position with $6.7 million in revenue and a $160.7 million handle, while Rush Street Interactive (RSI) generated $3 million from $46.9 million in bets.

In February, New York's total spending for the financial year to date hit $17.80 billion, up 8.6% from the previous year's $16.40 billion. Revenue for the 11 months through February was $1.61 billion, showing a 10.5% increase.

Fanatics has become the latest company to launch a sportsbook in New York, marking its entry into the state's lucrative market. The brand officially went live in the Empire State on March 1. 

This comes after a recent study by the United States Census Bureau revealed that New York contributes over 37% of the total tax revenue generated from sports betting nationwide.

New York's sports betting tax revenue amounted to $188.53 million in the period analyzed by the study, followed by Indiana with $38.6 million and Ohio with $32.9 million. Illinois and Pennsylvania were fourth and fifth with $32.4 million and $28.8 million, respectively.