New York online sports betting handle tops $1.96bn in April – iGaming Business

Players in New York spent $1.96bn (1.56bn/1.82bn) betting on sports online in April, one of the highest monthly figures since the states legal market launched in January 2022.

Handle is 27.3% higher than $1.54bn inApril last yearand 6.0% up from $1.85bn inMarch of this year. It is also the fifth highest monthly spend total on record in New York.

As for gross gaming revenue from sports wagering, Aprils total hit $183.8m. This is 32.4% up from $138.8m in April 2023 and 21.2% ahead of Marchs $151.7m haul.

The all-time monthly revenue record in New York stands at $211.5m,set in January this year. As for handle, players bet an all-time high of $2.11bn inNovember 2023.

Flutter Entertainment-owned FanDuel continues to hold a healthy lead in New York. During April, the operator posted $91.0m in revenue off $780.5m, both some way clear of the chasing pack.

DraftKings remains FanDuels closest challenger, reporting revenue of $63.2m and a $737.0m handle.

Caesars was some way behind in third with $10.4m in revenue from $158.8m in total bets. BetMGM followed in fourth with revenue of $9.1m and a $130.2m handle. Fanatics rounded off the top five with $5.6m in revenue from $74.1m in online wagers during April.

As for the rest of the pack, Rush Street Interactive was the only other operator to post more than $1.0m in revenue. For April, revenue amounted to $3.3m after players spent $67.1m.

Resorts World fell short of the $1.0m revenue mark, posting $616,681 from $6.6m. BallyBet followed with $580,801 from $7.7m in wagers.

Wynn Interactive was the back marker in April, posting just $85,070 in revenue off a $1.9m handle.

Since New Yorkopened its legal online sports betting market in January 2022, the state has seen impressive growth.

New York is some way clear of other, longer established regulated betting markets in other US states. These include New Jersey and Indiana, which have been open a good few years longer than New York but now flag behind in terms of both revenue and handle.

This growth also makes New York the largest contributor for sports betting tax. Earlier this year, theQuarterly Survey of State and Local Tax Revenue (QTAX), carried out by the United States Census Bureau, confirmed this.

According to the report, New York contributes over 37.0% of total tax revenue generated by sports betting in the US.

During Q3 of 2023, sports betting accumulated national tax and gross receipts of almost $506.0m. New York contributed $188.5m to this total, nearly five times higher than Indianas $38.6m.

However, it is worth noting that no state has a higher tax on gross gambling revenue than New Yorks 51%.

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New York online sports betting handle tops $1.96bn in April - iGaming Business