LEGAL SPORTS REPORT
NY Sports Betting Nears $2 Billion Wagered In First 30 Mobile Days
BY MATTHEW WATERS
It will be a long time before any state challenges the records set by mobile NY sports betting in its first 30 days.
Total handle was more than $1.98 billion from launch through Feb. 6, according to a release from Gov. Kathy Hochul. That led to more than $138 million in sports betting revenue.
The state received $70.6 million in tax payments from online NY sportsbooks thanks to New York’s national-high 51% tax rate. Fiscal 2022 taxes will see 98% directed to education. Another 1% will be sent to youth sports funds, and the final 1% goes to problem gambling education and treatment.
Caesars Leads NY Sports Betting by Handle, Revenue
Caesars Sportsbook still leads all operators by both handle and revenue after the first 30 days, though that lead is slipping.
Caesars has 35.4% of all handle and 46.7% of revenue since launch through Feb. 6. Neither are a surprise considering Caesars opened with more than $3,000 available in promos.
FanDuel is catching up, though. The sportsbook took 36.2% of the $359.8 million bet in the week ending Feb. 6. Caesars still led with 34.4% of the $25.5 million in revenue though DraftKings was close with a 34.1% revenue share.
WynnBET, which is reportedly for sale, took just $251,356 in bets in its first few days of operation.
Football accounted for more than $600 million in handle over the first 30 days, according to Hochul’s release. There was more than $540 million bet on basketball while hockey accounted for nearly $80 million in handle.
Plenty of New Players in New York
The release also noted the more than 1.76 million unique player accounts made more than 187 million geolocation transactions, according to GeoComply.
Seven sportsbooks are live with Bally Bet and Resorts World Bet still waiting to launch:
January NJ Report Due Wednesday
It will not take long to find out how New York’s mobile sportsbook launch affected New Jersey.
New Jersey’s regulator will release its January report for NJ sportsbooks at 2 p.m. ET Wednesday.
Only 9.3% of the 878,000 unique bettors to create accounts in the first 10 days had also bet in New Jersey, GeoComply said.
Another Gambling Bill Moves Forward in New York
Monday also saw another piece of sports betting legislation from Sen. Joe Addabbo Jr. move forward.
S 7536 moved out of his Racing, Gaming and Wagering Committee after a brief discussion. The bill would allow fixed-odds horse betting as well as sports betting kiosks at various affiliates. Those affiliates include sports stadiums and arenas, horse tracks and VLT operators.
The bill now moves to the Finance Committee.