NYSGC Posts April Revenue Figures for New York Sports Betting

The New York State Gaming Commission (NYSGC) has recently released the revenue report for the sports betting industry in the state. According to the state gaming regulator’s findings, the nascent sports betting market is on the rise. Gross gaming revenue (GGR) from the state’s eight live online sportsbooks was a whopping $104.1 million. Of that amount, 51% or $53.1 million went to New York education initiatives.

In April, the market stayed in the billion-dollar handle club for the fourth month in a row, with $1.39 billion in total wagering in New York. While the monthly handling was great, it was still the lowest ever.

We must, however, consider the larger picture. This calendar year alone, New York’s mobile sportsbooks have taken in more than $6 billion in wagers, a record high for the country. No other state has been able to achieve that. The same applies to the tax revenue that has been going to state coffers. Based on the more than $400 million in gaming income produced by mobile bookies, the state has collected more than $200 million in taxes.

The Top Performers

With $63.6 million in revenue on $599.5 million in wagers, FanDuel Group, which is a subsidiary of Flutter Entertainment, remained the market leader. DraftKings was second with $19.6 million in profit on a $327.1 million handle, followed by Caesars Sportsbook with $11.8 million in profit on $215.7 million in bets.

BetMGM came in fourth with $5.0 million in revenue from total wagers of $142.2 million, while Rush Street Interactive came in third with $1.8 million in revenue and a $38.0 million handle.

For the month, PointsBet took in $1.5 million on a $53.2 million handle, WynnBet took in $518,705 on $9.4 million in player bets, and Resorts World took in $335,808 on a $5.8 million handle.

More Mobile Bets

Much of these impressive numbers may have been driven by the rising number of mobile bettors in the state. According to data from mobile gaming client acquisition startup Betting Hero, mobile sports betting customers in New York use an average of 3.3 applications to make bets.

All this points to solid growth potential for the industry. There have been concerns regarding the pace of growth. Hopefully, these will be sorted out with regulator updates and more operator involvement in responsible gambling initiatives. That way, the sector can be more sustainable for the state, the bookmakers, and the bettors themselves.