In April, New York’s sports betting market experienced significant growth, with a handle reaching $1.87 billion, marking a 27.3% increase from the previous year’s $1.54 billion and a 6.0% rise from March’s $1.85 billion.
This figure places April as the fifth highest monthly spend on record in the state.
Gross gaming revenue from sports wagering also saw a substantial boost, totaling $183.8 million, a 32.4% increase from $138.8 million in April last year and 21.2% more than March’s $151.7 million.
The highest revenue record still stands at $211.5 million, set in January of this year, with the highest betting handle recorded at $2.11 billion in November 2023.
FanDuel, owned by Flutter Entertainment, continued to dominate the New York market. In April alone, FanDuel generated $91.0 million in revenue from a $780.5 million handle, maintaining a clear lead over competitors.
DraftKings was the nearest competitor, posting $63.2 million in revenue from $737.0 million bet.
Caesars ranked third with $10.4 million from $158.8 million in bets, followed by BetMGM with $9.1 million from a $130.2 million handle.
Fanatics completed the top five, earning $5.6 million from $74.1 million in online wagers.
Among other competitors, Rush Street Interactive stood out by generating $3.3 million in revenue from $67.1 million wagered.
Resorts World and BallyBet earned under $1 million, with $616,681 and $580,801, respectively, while Wynn Interactive lagged behind with just $85,070 from $1.9 million bet.
Since the legalization of online sports betting in January 2022, New York has rapidly outpaced other states with established markets like New Jersey and Indiana, both in terms of revenue and handle.
The state not only leads in growth but also in contributions to sports betting tax revenues in the U.S. According to a recent report by the United States Census Bureau, New York accounted for over 37% of the total sports betting tax revenue in the country, contributing $188.5 million of nearly $506.0 million nationally in Q3 of 2023, substantially more than Indiana’s $38.6 million.
New York’s high growth rate in the betting sector is further amplified by its steep 51% tax on gross gambling revenue, the highest in the nation.
This aggressive taxation underscores the state’s significant role in the national betting landscape, continually pushing the boundaries of growth and revenue generation in the competitive market.