The New York sports betting market has stayed bullish for the fourth straight month, hitting over $1 billion in total handle in April.
At only four months old, New York is the biggest sports betting market in the US and shows no signs of slowing down. As of the last reporting date for the week ending on April 24, New York’s total handle had already hit $1.295 billion with another six days left in the month. The prior weeks in April averaged around $324 million each.
In March, New York saw a total handle of $1.64 billion, total revenue of $114 million, and a tax contribution of $58 million.
As a comparison, the next largest sports betting market – New Jersey – saw a total handle in March of $1.12 billion, which was an almost 14% increase from New Jersey’s February numbers. New Jersey’s revenue in March was $66.4 million, significantly less than New York’s, and its tax contribution was $8.6 million.
Breakdown Of Revenue at New York Sportsbooks
Let’s look at how the top six mobile betting sportsbooks fared in the first four weeks of April. We’ll look at mobile sports wagering handle and mobile sports wagering gross gaming revenue.
As of the week ending on April 24, here’s how the top NY sportsbooks compared through mobile sports betting.
FanDuel New York
Since the launch, FanDuel has played a steady game, increasing its share of the total handle in the New York sports betting market. In the opening weeks, FanDuel ranked second after Caesars, with a 27.9% market share.
Now they’re the highest, with almost 43% of the total handle.
DraftKings New York
DraftKings has held its third place position in terms of total betting handle in New York. They have about 24% of the total handle right now, up from 22% in January.
Caesars Sportsbook New York
Caesars came out hot in January with over 40% of the total sports betting handle, thanks to a massive marketing campaign across the state.
Since then, they’ve reduced their marketing spend to help boost gross revenue, and their share of the total handle has dropped to around 16%.
BetMGM New York
BetMGM has employed the opposite strategy from Caesars, opening a few weeks after the big three sportsbooks in NY and pacing a slow growth since January. When they officially launched, BetMGM had 7.1% of the total handle. Now they’re up to 10.5%.
PointsBet New York
PointsBet has continued to sit right around 4% of the total handle in New York sports betting.
BetRivers New York
BetRivers has a lower handle than PointsBet, but slightly higher revenue.