New York sports betting operators took in nearly $140m in revenue during April despite a downturn in sporting action when Q1 came to a close, as the Empire State continues to assert itself as the number one US market.
Figures from the New York State Gaming Commission disclosed that $1.54bn was wagered by bettors in New York last month, marking an increase of 10.7% year-over-year as the market continues to grow from when it opened last January.
However, betting activity did drop from March, when almost $1.8bn was wagered, driven by March Madness fever. Despite the MLB season getting underway throughout April, this hasn’t offset the decline in NFL and college basketball betting.
Operators enjoyed a hold rate of 8.9% in April, down from 9.1% in March but still a solid rate for generating meaningful revenue.
This meant that New York sports betting revenue stood at $138.8m in April, up a significant 33.3% YoY showing that operators in the state are still witnessing strong performance and uptake in betting some 15 months after launch.
However, revenue was down 14.7% from the record-setting figure of $168.8m recorded in March. April also marks just the second month in the last seven that has failed to yield at least $140m in GGR.
FanDuel remains number one in US’ number one market
FanDuel once again took the top spot in New York in terms of betting activity, handling $626.3m last month. The Flutter brand was followed by DraftKings, which handled $516.4m as it seeks to catch up to its long-term national rival.
Here is a look at the other operators’ handle figures:
Rush Street Interactive: $49.1m
ResortsWorld Bet: $7.9m
The rankings in terms of revenue was almost identical to handle, with FanDuel taking number one spot. The operator generated $70.9m in revenue, over half of all GGR made in New York last month.
DraftKings remained some distance behind FanDuel, but generated $44.9m in revenue last month.
Here’s a breakdown of the other operators’ GGR totals:
ResortWorld Bet: $71k
Taking into consideration the 51% tax rate on sports betting that is imposed in New York, and operators netted $68m during April, meanwhile, they spent $70.1m in taxes to fund local education requirements.