New York Sports Betting Hits New Heights: A Record-Breaking Week
The excitement surrounding sports betting in New York continues to surge, with the New York State Gaming Commission recently reporting a staggering gross gaming revenue of over $69 million for the week ending September 15. This remarkable figure marks the second most profitable week in the state’s sports betting history, trailing only behind the record set in May 2024. As the NFL and college football seasons kick into high gear, New Yorkers have demonstrated their enthusiasm for wagering, with a total of more than $478.2 million bet during this week alone.
The Football Factor
Football season is undeniably a significant driver of revenue for sports betting operators in New York. The combination of NFL games and college football matchups creates a perfect storm for betting activity, leading to increased handle and profits. The New York State Gaming Commission reported an online sports betting handle of $478,247,364 for the week, resulting in gross gaming revenues of $69,198,231. This impressive total is just shy of the all-time weekly revenue record of $70,935,647 set in May 2024, highlighting the growing popularity of sports betting in the state.
Leading Operators: DraftKings vs. FanDuel
In the competitive landscape of New York sports betting, DraftKings and FanDuel continue to vie for dominance. For the week ending September 15, DraftKings led in total handle, reporting $184,345,077 in online sports betting activity. However, FanDuel outperformed DraftKings in terms of revenue, generating $35,147,714 compared to DraftKings’ $23,608,757. This rivalry showcases the dynamic nature of the sports betting market, where operators are constantly adapting to attract bettors.
Weekly Handle Breakdown
The New York State Gaming Commission provides detailed reports on the handle and revenue generated by the state’s eight active sports betting apps. Here’s a breakdown of the handle for the week ending September 15:
- DraftKings NY: $184,345,077
- FanDuel NY: $183,390,946
- Caesars Sportsbook NY: $33,448,312
- Fanatics Sportsbook: $31,289,229
- BetMGM NY: $31,272,828
- BetRivers: $10,111,325
- Bally Bet: $2,538,469
- Resorts World: $1,851,177
- WynnBET: $0
This breakdown illustrates the competitive landscape among sportsbooks, with each operator striving to capture a larger share of the betting market.
Tax Revenue Implications
The financial implications of this booming sports betting market extend beyond the operators themselves. With New York’s online sports betting tax rate set at an impressive 51%, the state reaped significant tax revenue from the week’s activities. The gross gaming revenue of $69,198,231 translated to approximately $35.3 million in tax revenue for the state. This influx of funds is crucial for supporting various public initiatives and programs.
Historical Performance of Sportsbooks
Since the launch of online sports betting in New York on January 8, 2022, the performance of various sportsbooks has been noteworthy. FanDuel stands out as the only operator to surpass $20 billion in total handle, with a staggering $20,284,773,351. DraftKings follows with $16,753,399,891, while other operators like Caesars and BetMGM have also made significant contributions to the overall market.
Here’s a summary of total handles for the nine sportsbooks since the launch:
- FanDuel: $20,284,773,351
- DraftKings: $16,753,399,891
- Caesars: $6,241,566,879
- BetMGM: $3,598,593,107
- BetRivers: $1,476,109,272
- Fanatics Sportsbook: $1,367,956,290
- WynnBET: $234,058,992
- Resorts World: $195,469,790
- Bally Bet: $98,996,850
Gross Gaming Revenues Since Launch
The gross gaming revenues reported by each sportsbook since the launch of online betting in New York further illustrate the financial success of this venture. Here’s a summary of total gross gaming revenues:
- FanDuel: $2,132,647,431
- DraftKings: $1,416,832,104
- Caesars: $450,452,916
- BetMGM: $237,307,910
- Fanatics Sportsbook: $98,352,197
- BetRivers: $86,923,881
- Resorts World: $12,743,979
- WynnBET: $11,376,541
- Bally Bet: $5,684,604
Future Prospects: ESPN BET
As the New York sports betting landscape continues to evolve, the anticipated entry of ESPN BET adds another layer of excitement. Following a $25 million deal for market access, ESPN BET is expected to launch soon, pending approval from the New York State Gaming Commission. This new operator could further intensify competition among existing sportsbooks, potentially leading to even greater revenue and handle figures in the future.
The ongoing growth of sports betting in New York reflects a broader trend across the United States, where states are increasingly embracing legalization and regulation. As football season progresses, it will be fascinating to see how these dynamics play out and what new records may be set in the coming weeks.