NY State Gaming Commission Report Show Betting Handle Growth in April
LISTEN TO THIS ARTICLE:New York’s mobile sports betting operators had a good month in April, according to the latest report from the New York State Gaming Commission. Licensed sports betting operators in the state reported a year-over-year increase in betting handle and gross gaming revenue, with mobile betting handle hitting $1.54 billion, a notable increase of over $100 million when compared to April 2022.
The increase in betting handle was reflected in mobile betting gross gaming revenue (GGR), which hit $138.8 million in April, a surge of more than $34 million compared to the previous year. After the tax rate for online sportsbooks in New York, the net revenue for platform providers was $68 million, while the revenue to education for April was $70.8 million.
FanDuel dominated the market with a betting handle of $626.3 million, leading to a GGR of nearly $71 million, of which $34.8 million was proceeds for FanDuel and $36.2 million was proceeds for education. DraftKings came in second place, reporting a betting handle of $516.4 million and a GGR of $44.9 million. Finally, Caesars Sportsbook ranked third with $185.3 million in betting handle, translating to $12.7 million in GGR.
Although April’s results represented an increase on a year-over-year basis, there was a decrease when compared to the previous month’s betting handle and GGR. In March 2023, mobile betting GGR hit a record high of $162.8 million, with the betting handle reaching $1.79 billion.
The figures for April reflect a trend seen across the country as the sports betting industry continues to expand. The growth of mobile betting is particularly notable as more states continue to legalize and regulate sports betting, with several others preparing to do so in the near future. The industry’s growth is also boosting state budgets, as taxes on sports betting revenues provide much-needed funds for state programs.
New York’s betting handle and GGR results for April demonstrate the success of mobile sports betting in the state, with FanDuel leading the way. The results suggest that New York is set to become a major player in the sports betting market, especially with its large population and the popularity of mobile betting. As the industry continues to expand, both operators and state governments stand to benefit.
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