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NY Sets U.S. Sports Betting Monthly Revenue Mark at $211M

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King of the hill and, once more, top of the heap.

The New York State Gaming Commission reported a United States monthly record of $211.7 million in sports wagering revenue for January on Friday, once more giving the Empire State the “Triple Crown” of sports betting’s top all-time spots in monthly handle, operator winnings, and state tax generated.

Fueled by FanDuel becoming the first mobile sportsbook to surpass $100 million in monthly revenue with about $109.2 million, New York’s revenue figure bettered the previous mark of $209.1 million set by Ohio when it launched in January 2023. Those are the only two monthly totals above $200 million in the post-PASPA era dating back to May 2018 when sports betting became possible in states outside of Nevada.

New York’s previous record for revenue was $189.3 million to close out 2023. January’s total was a month-over-month increase of 11.8% and 41.2% higher than the start of last year as the 10.8% hold was more than 2.4 percentage points higher.

The 51% tax rate on operator revenue means New York also became the first state to surpass $100 million worth of levies in a month. State coffers filled with $107.9 million worth of receipts for January, over $31.6 million ahead of the pace from the opening month of 2023.

About the only thing New York bettors did not do in January was extend the state’s streak of $2 billion monthly handle as the total fell $35.6 million short of that benchmark for a fourth consecutive month. Still, handle was up 9.3% compared to the first month of last year, which was a record at the time at just shy of $1.8 billion.

FanDuel keeps climbing the revenue ladder

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After Caesars Sportsbook was the first mobile book to reach $50 million in monthly revenue during the January 2022 launch, FanDuel has been first to each $10 million increment thereafter. It opened 2023 cresting $80 million and closed it by surpassing $90 million. January’s record follow-up came on the strength of a 12.6% hold against nearly $867.1 million worth of bets placed.

FanDuel accounted for more than 51.6% of the mobile revenue while its market share of handle jumped from 40.9% to over 44.3% thanks to a 19.3% year-over-year increase. Revenue compared to the first month of 2023 was up more than one-third as FanDuel’s win rate was more than 1.3 percentage points higher. The $55.7 million tax bill for January pushed FanDuel’s contributions to New York above $800 million all-time.

Eternal rival DraftKings did what it could to keep pace, setting its all-time high for winnings at just shy of $71 million while attaining a 10.7% hold on $664.8 million handle. Both figures left the Massachusetts-based book short of milestone figures that were achieved during the first week of February when it surpassed $1 billion in all-time revenue and $12 billion in total handle.

BetMGM also welcomed in 2024 with a bang, surpassing $10 million in revenue for the first time by less than $12,500. It had an 8.4% hold on more than $118.8 million handle, which edged BetMGM over $2.7 billion worth of bets accepted in the Empire State. Caesars was denied a third consecutive month with $200 million handle, but ran its streak of eight-figure revenue totals to five with more than $13.6 million in winnings.

Resorts World was the only other mobile book to craft a double-digit hold as the 10.8% overall mobile win rate was the fifth in 25 months of digital betting to clear 10%. WynnBET avoided a third consecutive losing month as it came out more than $358,000 ahead on close to $8.8 million handle, but its 4.1% hold was the lowest of the nine betting apps.

Bally Bet was the only other book with a sub-5% hold, but a record monthly handle of nearly $9.4 million was also enough to set a monthly high for revenue with nearly $426,000. BetRivers rounded out the top five for handle and revenue with $50.1 million and $3.5 million, respectively, while PointsBet notched an 8.3% win rate to keep more than $2.6 million of the $31.7 million in wagers accepted.

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