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New York Sportsbooks Achieved Record Revenue in January 2024

February 13, 2024 | Government

New York, N.Y. (February 12, 2024) — It appears that the sports betting industry in New York experienced significant growth in January 2024. The key points are as follows:

  1. Record-Breaking Revenue: New York sports betting operators achieved a record-setting revenue of $211,504,815 in January. This marks the second consecutive month of breaking records.
  2. Monthly Growth: The January revenue shows a 12.32% increase from the previous month, December 2023, where gaming revenue was $188.30 million.
  3. Yearly Growth: In comparison to January 2023, there was a substantial 41.54% increase in revenue. In January 2023, the revenue was $149.4 million.
  4. High Tax Rate: The state imposes a high tax rate of 51% on sports betting operators. Despite complaints from the sportsbooks about the high tax rate, it has remained unchanged.
  5. Tax Revenue: The high tax rate resulted in the state collecting a record $107.9 million in tax revenue in January.
  6. Leading Operators: FanDuel and DraftKings emerged as the leading operators among New York licensees in January.

These figures indicate a thriving sports betting market in New York, with both month-to-month and year-over-year growth. The high tax rate, while a point of contention, has contributed significantly to state revenue.

Here’s how NY online sportsbooks performed last month, according to the NYSGC’s January 2024 report:

  1. FanDuel: $867.06 million in total bets, taking $109.17 million in revenue
  2. DraftKings: $664.79 million in handle, generating $70.97 million in revenue
  3. Caesars: $198.0 million in total bets, with a revenue of $13.65 million
  4. BetMGM: $118.85 million handle, generating $10.0 million in revenue
  5. BetRivers: $50.13 million total spend, resulting in $3.54 million in revenue
  6. PointsBet: $31.70 million handle, with a $2.63 million revenue
  7. Bally Bet: $9.39 million handle, with a revenue of $425,689
  8. WynnBet: $8.75 million in total bets and $358,497 in revenue
  9. Resorts WorldBet: $6.92 million in total bets, with a $752,478 revenue

When the figures from the recent Super Bowl NFL final are unveiled the numbers might even go higher in February.

SOURCE: LI Staff.

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