- New York’s mobile sports betting market generated a total betting handle of $1.63 billion during the month of December.
- For 2022, NY online sports betting took a total of $16.2 billion worth of bets.
- FanDuel was the top-performing sportsbook with 40% of the state’s total 2022 betting handle.
Mobile sports betting more than lived up to the hype in New York during its first full year of operations.
Figures released by the New York State Gaming Commission on Monday revealed that the state’s legal online sports betting operators posted a total betting handle of $1.63 billion during December 2022, solidifying New York’s status as the top-performing state in mobile sports betting in the United States.
BREAKING: New York official mobile sports wagering figures for December: $1,623,786,503 in total mobile handle, $141,769,787 in total GGR (Gross Gaming Revenue) #NewYork #December #happyanniversary #mobile #handle #revenue #sportsbooks
— Sweet Lou Monaco (@loumonaco) January 9, 2023
3rd Time to Surpass the $1.6 Billion Mark
December’s $1.63 billion handle marked the third time this year that the state surpassed the $1.6 billion mark and the first time since March when it made $1.64 billion. New York’s best month was its launch month in January when it wrote a staggering $1.67 billion worth of betting tickets. Its full-year total of $16.2 billion already puts it 4th all-time in the post-PASPA era, and just half-billion short of Illinois’ overall total.
Once the December retail sports betting handles are added, New York will own the Top 7 in the Top 10 monthly betting handle records in the post-PASPA era and 9 out of the Top 10 overall. It will also claim the Top 6 monthly revenue records and 9 out of the Top 11 overall where states reported a monthly revenue of at least $100 million. Revenue cleared $140 million for the fourth consecutive month with $141.8 in December and a total of $1.36 billion for the year.
A total of $72.3 million worth of revenue taxes were collected from mobile sports betting, bringing the total amount directed to the state’s educational fund to $692.8 million for the year. That amount is almost 40% better than the $500 million annual collection projected by then-Gov. Andrew Cuomo in 2021. Likewise, the state’s 51% tax rate enabled New York to become the country’s all-time leader in tax revenue from sports betting, doubling the total of the previous leader Pennsylvania.
Top Performing Sportsbooks in December
FanDuel remained the state’s top-performing sportsbook with a total of $663.2 million in sports bets written during the month. The Flutter Entertainment-owned company made a total of $67.9 million in revenue off that handle. DraftKings ranked second with $523.9 million in wagers and $44.7 million in revenue while Caesars was third with $214.1 million in bets and $15.6 million in revenue.
BetMGM 4th with $116.0 million in the total betting handle and $9.4 million in revenue, followed by Rush Street Interactive with $43.0 million in total wagers and $2.6 million in revenue, then PointsBet at $48.0 million in the handle and $711,904 in revenue.
Meanwhile, Resorts World reported taking in $5.5 million in total wagers and generating $267,110 in revenue while Wynn Interactive wrote $9.4 million worth of bets and produced $409,419 in revenues. BallyBet made $47,236 in revenue off a total monthly betting handle of $725,931.
FanDuel is New York’s Undisputed Leader
For the year, FanDuel finished with a total betting handle of $6.5 billion, accounting for 40% of the state’s total 2022 total. It had four out of the five monthly betting handle that eclipsed the $600 million mark during this span and was the only New York sportsbook operator to hit at least $60 million in monthly revenue, doing so on six occasions. It paid six $30 million plus monthly tax bills or a total of $331.5 million for the entire 2022.
Caesars was the only operator to hit at least $600 million in monthly revenue, doing so in January, thanks in part to promotions that matched deposits of up to $3,000 for the initial sign-up and $300 free bets to newcomers. The sportsbook could not sustain the pace, however, and finished the year as the no. 3 ranked sportsbook in the Empire State with $2.8 billion of the betting handle and 17% of the share in the market.
The second placer was DraftKings which accepted a total of $4.5 billion worth of bets that generated $354.6 million in total annual revenue. While Caesars started strong, the Massachusetts-based DraftKings finished stronger by getting at least 30% of the market share during the final four months of 2022 after failing to do so from January to August. DraftKings’ 7.8% hold ranked also second behind FanDuel’s 9.97% and ahead of Caesars’ 7.7%.
