New York Sports Betting Surges in January 2024

 New York's sports betting scene kicked off 2024 with a bang, riding high on the momentum from a record-breaking 2023. According to data released by the New York State Gaming Commission (NYSGC), the state's sportsbooks raked in nearly $2 billion in betting handle in January alone, marking a significant milestone for the burgeoning industry.

The total betting handle for January reached an impressive $1.96 billion, representing a substantial 9.31% increase compared to the same period last year. While this figure reflects a slight dip of 4.22% from December's staggering $2.04 billion handle, it still stands as the fourth-highest monthly total since the market's launch in January 2022.

 

Key Developments

• New York's sports betting market soared to new heights in January 2024, with a record-breaking $1.96 billion in total betting handle, marking a 9.31% increase from the previous year.
• Despite a slight monthly decrease from December's figures, New York sportsbooks reported their highest revenue month since the market's inception, with operators collectively generating $211.5 million in revenue.
• FanDuel and DraftKings emerged as the top performers among New York sports betting operators, dominating both total bets placed and revenue generated, signaling a continued stronghold for these industry giants in the state's market.

January proved to be a lucrative month for New York sportsbooks, with operators reporting record-high revenue figures. A staggering $211,504,815 in revenue was generated, marking a 12.32% increase from December 2023 and a remarkable 41.54% surge compared to January 2023.

Despite ongoing complaints from sportsbooks regarding the state's hefty 51% tax rate, New York managed to collect a record $107.9 million in tax revenue in January, highlighting the financial benefits of a thriving sports betting market.

 

Top Performers in January

FanDuel and DraftKings emerged as the frontrunners among New York's sports betting operators in January, dominating both total bets placed and revenue generated. Here's a breakdown of how each licensee performed last month:

• FanDuel: $867.06 million in total bets, with $109.17 million in revenue
• DraftKings: $664.79 million in handle, generating $70.97 million in revenue
• Caesars: $198.0 million in total bets, with revenue of $13.65 million
• BetMGM: $118.85 million handle, resulting in $10.0 million in revenue
• BetRivers: $50.13 million total spend, with $3.54 million in revenue
• PointsBet: $31.70 million handle, with revenue reaching $2.63 million
• Bally Bet: $9.39 million handle, generating $425,689 in revenue
• WynnBet: $8.75 million in total bets and $358,497 in revenue
• Resorts WorldBet: $6.92 million in total bets, with revenue totaling $752,478

 

Uncertainty Surrounding Online Casinos

While the sports betting market continues to flourish, the future of New York's online casinos remains uncertain. Despite the commencement of the licensing process for New York City casinos, progress has been sluggish.

Adding to the uncertainty, the state regulator is in the midst of deliberating on the addition of three downstate New York retail gaming licenses. Governor Kathy Hochul's decision to exclude online gambling from her 2025 executive budget has further cast a shadow over the prospects of online casinos.

Senator Joseph Addabbo's efforts to push through a revised iGaming bill faced opposition from the NY Hotel and Gaming Trades Council, citing concerns about potential job losses within the casino industry. Despite Addabbo's attempts to address these concerns by proposing a $25 million fund for New York gaming workers, negotiations remain at an impasse.

As the debate over the future of New York's gaming industry continues, stakeholders are closely monitoring developments to gauge the potential impact on both operators and workers alike.