New York: Sports betting sees record $19.64 billion wagered in FY23

A staggering $19.64 billion was wagered by online sports bettors in New York during the 2023 financial year. This marks a substantial 19.8% increase from 2022, reinforcing the Empire State’s status as the top regulated state for mobile wagering in the US. Consequently, revenue soared to $1.76 billion, which marks a 20.6% year-on-year increase.

Notably, New York's legal online sports betting market began operating only in January 2022, making FY23 its second full year of regulation.

FanDuel led the charts for the second consecutive year, processing $8.10 billion in online wagers in FY23, generating $845.8 million in revenue. DraftKings maintained its position as the second-largest operator, earning $619.6 million in revenue from $7.02 billion in bets. Caesars secured the third spot with revenue of $140.4 million and a $2.03 billion handle.

BetMGM was the only other operator to record over $1 billion in wagers, generating $86.1 million in revenue. Meanwhile, Rush Street Interactive recorded revenue of $37.8 million, while Fanatics, replacing the PointsBet brand, posted $23.5 million in revenue. Resorts World, Wynn Interactive, and BallyBet also contributed to the market, albeit with varying revenue figures.

In March, New York witnessed a notable surge in handle, reaching $1.85 billion, though revenue saw a slight decline to $151.7 million as players experienced more success. Despite this, both handle and revenue showed month-on-month increases compared to February.

FanDuel maintained its dominance in March, followed by DraftKings and Caesars, continuing the trend observed throughout the fiscal year.