Over the year ending March 31, 2023, total bets in New York’s online sports betting sector soared to 19.8% above the previous year’s $16.40 billion, marking a US record with $19.66 billion wagered.
This achievement underscores New York’s dominance in the regulated online sports betting market within the United States.
The state witnessed a remarkable 20.6% increase in gross gaming revenue, setting another record for the US.
This growth comes just two years after New York inaugurated its legal online sports betting market in January 2022, with the FY23 capturing the second complete year of regulatory operations.
Flutter Entertainment’s FanDuel led the market, with $8.10 billion in bets and $845.8 million in revenue during FY23, maintaining its top position from the first year.
DraftKings followed with a revenue of $619.6 million from $7.02 billion in bets, and Caesars took the third spot, generating $140.4 million in revenue from a $2.03 billion handle.
BetMGM also surpassed the $1.00 billion mark in wagers, with a total handle of $1.26 billion and revenue of $86.1 million, becoming the only other operator to reach this milestone during the year.
Other operators also made significant contributions. Rush Street Interactive led the next tier with $37.8 million in revenue from a $643.6 million handle.
Newly rebranded Fanatics generated $23.5 million in revenue from a $361.9 million handle, followed by Resorts World with $5.5 million in revenue.
Wynn Interactive and BallyBet also contributed, with the latter pausing its New York operations for four months during the fiscal year.
In the concluding month of FY23, March showed a mix of results.
The total handle increased by 3.4% to $1.85 billion, but revenue dropped by 6.8% to $151.7 million, indicating a higher success rate for bettors.
Month-over-month comparisons revealed a 4.5% increase in handle from February and a significant 15.5% rise in revenue.
FanDuel again led the revenue chart with $73.1 million, followed by DraftKings with $48.8 million.
Caesars, BetMGM, Fanatics, and Rush Street also reported notable revenues, while the rest of the market, including Resorts World, Wynn Interactive, and BallyBet, contributed to the month’s totals, with BallyBet resuming operations in November after a temporary halt.