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New York Poised For $2 Billion Sports Wagering Handle In January

FanDuel and DraftKings power historic mobile operator haul in latest weekly release of figures

Chris Altruda by Chris Altruda
January 27, 2023
in Analysis, Industry
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Already responsible for the top seven national monthly sports wagering handles in the post-PASPA era, New York has put itself in position to claim another milestone:Β the first $2 billion monthly handle in the United States.

The New York State Gaming Commission releasedΒ mobile betting figures Thursday for the week ending Jan. 22, and the $450.7 million in wagers accepted by the Empire State’s nine mobile operators was the third highest in 55 weeks worth of reports. More importantly, New York is less than $503,000 from eclipsing its record $1.69 billion established last January when it launched mobile wagering. It needs operators to accept just $314.3 million in wagers over the final nine days of January to reach the previously unfathomable $2 billion benchmark.

This January is different in that mobile operators are not battling each other for customers with stupendous promotional offers. That took place with the much-anticipated launch last year, highlighted by Caesars Sportsbook matching initial deposits up to $3,000 along with offering an initial $300 free bet.

The $314.3 million needed from Jan. 23-31 to reach $2 billion is less than the median of all weekly handles reported, which was nearly $330 million for the week ending Sept. 11.

New York capped its first year of mobile wagering with close to $16.3 billion in overall action, quickly clearing out a top-five space for itself in all-time handle during the post-PASPA era behind New Jersey, Nevada, Pennsylvania, and Illinois, and will be more than halfway to its neighbor’s nation-leading total of $33.7 billion.

And, oh by the way, a record revenue week

January 1/16-22 mobile #SportsBetting thread for #NewYork via @NYSGamingComm. Fun with numbers (2/x)

With 9 days left to report, NY is $502,571 shy of breaking its national handle record set Jan. '22.

It is $9,925,472 from breaking its revenue record set Nov. '22.

16/x

— Chris Altruda (@AlTruda73) January 27, 2023

About the only variable that could prevent a $2 billion handle is a dramatic fall-off of NFL playoff wagering with the Buffalo Bills eliminated in the divisional round last weekend. Last year, week-over-week wagering dropped 21.5% from the $572.6 million β€” still the top weekly handle all-time β€” to $449.3 million during conference championship week. A similar drop in percentage this year would result in handle of $353.8 million, nearly $40 million above what is required to reach $2 billion without including the final two days of the month.

The week of Jan. 16-22, which included the divisional round of the NFL playoffs, was a bloodbath for the New York betting public as FanDuel, DraftKings, BetRivers, and Bally Bet all posted record weekly revenue figures. The overall total of nearly $57.5 million in revenue demolished the previous record of $44.5 million set for the week ending Dec. 11, while the healthy 12.8% hold ranked fifth all-time. The big week also put New York operators within $10.7 million in revenue of the first $150 million monthly haul for any state.

FanDuel and DraftKings each set weekly company revenue and handle records in New York. FanDuel walloped the public with a 14.6% win rate to keep $26.6 million of the $182.4 million wagered. It bettered its previous revenue high of $22.1 million set the week ending April 17.

DraftKings crossed the $20 million revenue mark for the first time, finishing nearly a quarter-million above that total. It had a 13.3% hold on $152.4 million handle, easily crushing its revenue record of $14 million for the week ending Oct 9.

BetRivers, whose previous lone week above $1 million in revenue came Nov. 6 and by only $6,308, upped its best week to more than $1.1 million while notching a 10.4% hold on $10.9 million worth of accepted bets. It was only the fourth time BetRivers had a hold above 10% and was its highest since the 24.2% reached during launch week last year.

Bally Bet, which was the last of the mobile operators to open for business, had a robust 23.2% hold to claim $55,000 from $237,000 wagered. Its previous high for weekly revenue was $35,918 for the period ending Aug. 28.

While Caesars did not set any handle or revenue records, it also enjoyed a solid week with a 10.6% win rate providing $6.1 million in revenue from $57.5 million handle. Amazingly, ResortsWorld Bet posted a loss of nearly $39,000 for the week, marking its seventh weekly loss since launching in March β€” the most losing weeks among New York’s mobile books.

PointsBet had one of its top-five all-time New York revenue hauls at $918,000 for the week, while WynnBET had a 3.7% hold that led to $108,000 in revenue. Bettors using the WynnBET app in the Empire State have proven tough to beat, as the operator has failed to post even a 6% hold for any of the last 11 weeks.

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Chris Altruda

Chris Altruda

Chris Altruda has been a sportswriter with ESPN, The Associated Press, and STATS over more than two decades. He recently expanded into covering sports betting and gambling around the Midwest. His Twitter handle is @AlTruda73 and can be reached via email at [email protected]

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