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New York Reports $108.2 Million Sports Wagering Revenue For February

Super Bowl a struggle for operators as public nearly breaks even

Chris Altruda by Chris Altruda
March 14, 2023
in Industry
New York February 2023 revenue report

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The New York State Gaming Commission reported Tuesday that sportsbooks claimed $108.2 million in sports wagering revenue for February, with a strong performance by the betting public creating a notable month-over-month decline in operator winnings.

It was the sixth consecutive month revenue reached nine figures in New York, but it marked the lowest amount since Empire State operators claimed $99.2 million last August. The public fared well in Super Bowl LVII wagering, limiting the house to $1.4 million kept from $100.5 million worth of bets placed on the NFL’s marquee event.

The house claimed at least $140 million in total revenue in each of the previous five months, with January’s $149.4 million the high point. February’s figure was 27.6% lower compared to January but 32% better than February 2022, when operators claimed $82.4 million.

Handle was also down notably, sliding 18.1% from January’s record of $1.8 billion to $1.47 billion, with a hold of nearly 7.4%. Despite the decline, it is still the eighth-highest monthly handle nationally in the post-PASPA era and put New York within $76 million of becoming the third state to clear $20 billion.

The state collected $55.3 million in tax receipts for February, lifting the overall total for the year to $131.5 million. Revenue through the first two months of the year is $258.4 million, 25.4% higher than the same period in 2022 despite handle increasing only 1.7% to $3.3 billion. Tax revenue is already running $26.1 million ahead of 2022, when the Empire State set a national record with $693.9 million.

FanDuel has an off month (by its standards)

All-time Top 10 #SportsBetting handles post-PASPA (Feb in CAPS)

1 New Jersey $34.8B
2 Nevada $30.4B
3 NEW YORK $19.9B

4 Illinois $19.73B <-NEW

5 Pennsylvania $19.66B
6 INDIANA $11.3B
7 Colorado $10.8B
8 Michigan $9.4B
9 Virginia $8.7B
10 Arizona (Dec) $7.8B#GamblingTwitter

— Chris Altruda (@AlTruda73) March 14, 2023

Still the unquestioned leader in the New York mobile sports wagering marketplace, FanDuel maintained at least a 40% market share for handle for the fourth straight month by accepting $591 million in wagers in February. But it was also the first time in eight months the online titan failed to post a double-digit win rate, as the 9.1% hold was its lowest since landing at 8.4% in June.

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FanDuel led all mobile operators in Super Bowl revenue with nearly $764,000, but its hold was a paltry 1.8% from $42.8 million handle. FanDuel did account for nearly half the overall online revenue in February at $53.5 million, lifting its all-time total in the Empire State to $786 million.

DraftKings was a strong yet distant No. 2 to its eternal rival in both handle and revenue, with $491.3 million in the former and $33.5 million in the latter, even with losing close to $338,000 on the Super Bowl. The soft month for operators, though, meant DraftKings accounted for 31% of online revenue in February, up more than 4 percentage points from January.

Caesars Sportsbook claimed the final podium spots in both handle ($192.8 million) and revenue ($8.5 million), but its 4.4% win rate was the lowest of any operator that had an eight-figure handle. It finished second in Super Bowl revenue with nearly $335,000, but it had just a 1.7% win rate.

BetMGM was the fourth and final operator to reach nine figures in February handle at $107.7 million. Its overall 7% hold — 2.9% for the Super Bowl — was strong compared to its peers for February and resulted in more than $7.5 million in revenue.

BetRivers and PointsBet were the only other operators to clear at least $1 million in revenue, with the former going over $2.4 million and the Aussie-based book reporting nearly $1.9 million.

Resorts World edged out WynnBET for the No. 7 spot in revenue despite having barely more than half of WynnBET’s $10.3 million handle, with a 9% hold that resulted in close to $485,000. WynnBET had a 4.6% win rate and narrowly topped $470,000.

Bally Bet was last in both handle and revenue, though its $1.2 million handle was its highest since accepting close to $1.5 million worth of wagers in October. It finished with $18,451 in revenue, its second-lowest total in eight months of activity. Bally Bet also paid out $2,427 on top of its $19,932 in accepted Super Bowl bets.

Another tough month on the retail side

Two of the state’s four commercial sportsbooks — Resorts World and Tioga Downs — posted monthly losses in February, with Resorts World taking an “L” for the second straight month. It is now down more than $76,000 in 2023 after paying out close to $43,000 on top of the nearly $1.2 million in accepted bets for February.

Tioga Downs’ loss of more than $45,000 was its second monthly loss in the last three, and the minus 8.1% hold was the worst of any of the four brick-and-mortar sportsbooks since del Lago had a negative 12.1% win rate last June.

Rivers Casino and del Lago had modest gains in February — both had holds below 6% — as the four books generated just under $190,000 in combined revenue from $7.3 million handle for a 2.6% hold. That was still an improvement compared to February 2022, when the quartet paid out more than $242,000 above their $6.5 million handle.

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Chris Altruda

Chris Altruda

Chris Altruda was a sportswriter with ESPN, The Associated Press, and STATS for more than two decades before coming to Better Collective in 2019. When not crunching sports betting revenue figures, he is usually listening to Iron Maiden or exploring Chicago neighborhoods. His Twitter handle is @AlTruda73 and can be reached via email at [email protected]

This site contains commercial content. We may be compensated for the links provided on this page. The content on this page is for informational purposes only.

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