New York has broken the record for the highest betting volume number in a single month after $1.6bn was wagered at its sportsbooks between January 8 and January 30, according to PlayNY.com.
The Empire State is now the official US record holder for betting volume in a single month, breaking New Jersey’s handle record of $1.3bn set in October 2021. This will be the first month that another state besides New Jersey will lead the US in sports betting volume since January 2020.
Data from the New York State Gaming Commission (NYSGC) has also revealed that of the $1.6bn, New Yorkers wagered $449.3m during the week ending on January 30.
Mike Mazzeo, the lead analyst at PlayNY.com, stated: “New York supplanting New Jersey as the nation’s largest sports betting market was inevitable, but few thought it would take only three weeks.
“Betting should calm some once football season ends and operators slow their promotional spending. Still, it’s clear that New York is going to be the flagship sports betting market in the U.S. for the foreseeable future.”
Seven sportsbooks are currently operational in the state. Four sportsbooks – Caesars, FanDuel, DraftKings, BetRivers – were live on the market’s launch day, while BetMGM (January 17), PointsBet (January 25), and WynnBET (February 4) followed afterward.
Bally’s and Resorts World have all been conditionally licensed to operate but have not been cleared to begin as of yet.
For the week ending January 30, FanDuel led the way with $141.8m in wagers, followed by Caesars ($128.1m), DraftKings ($102.2m), BetMGM ($37.5m), and BetRivers ($10.2m).
New York operators earned $113.0m in gross gaming revenue, including $21.6m in the week ending January 30, yielding $57.6m in tax revenue for the state due to the 51% tax rate.
Eric Ramsey, the lead data analyst for the entire PlayUSA.com Network, which includes PlayNY, added: “The majority of states have struggled to maximize tax revenue from sports betting, but New York has certainly gone in another direction.
“Such a high tax rate could still lower the ceiling for New York’s sports betting market in the long term, but after three weeks of unprecedented volume, that seems like less of a concern.”