New York’s Mobile Sports Betting Exceeds $3 Billion in 2024
LISTEN TO THIS ARTICLE:The latest report from the New York State Gaming Commission shows that the state’s mobile sports betting industry has surpassed $3 billion in operator revenue. The week ending January 21 was particularly strong, with $47.5 million in adjusted gross revenue.
Setting New Records
The state now stands alongside New Jersey as the only one to have reached $3 billion in total revenue. December alone saw a record $189.3 million in revenue, and the $3 billion mark was reached in just 107 weeks after the launch of mobile sports betting in New York in January 2022.
Although the winnings for the last week ranked seventh overall, falling short of the $67.3 million peak for the week ending January 14, the handle for the week in question was $490.7 million. This number, the sixth highest to date, shows a 10.1% increase from the previous week, largely driven by the NFL divisional round playoffs.
The nine operators in the state all reported positive adjusted gross revenue, leading to an estimated $24.2 million in state taxes, given New York’s 51% tax rate on mobile revenue.
Operators Striving for New Heights
FanDuel, one of the market’s leading operators, is edging closer to hitting $100 million in monthly revenue. Six of the seven times a New York operator saw weekly revenue of $25 million, it was FanDuel, and in the first three weeks of 2024, it accumulated $78.5 million.
DraftKings is not far behind in its efforts to join the billion-dollar revenue club, needing just $25.4 million more to reach the milestone. Other operators like BetMGM, Bally Bet, and PointsBet are also contributing significantly to the market’s growth, as highlighted in the latest Commission report.
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