New York sports betting revenue slides below $140m in April

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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: 

Caesars: $185.3m

BetMGM: $126.7m

Rush Street Interactive: $49.1m

PointsBet: $20.7m

WynnBet: $9.8m

ResortsWorld Bet: $7.9m

BallyBet: $2.3m

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: 

Caesars: $12.8m

BetMGM: $7.1m

PointsBet: $1.7m

RSI: $803k

WynnBet: $465k

ResortWorld Bet: $71k

BallyBet: $28k

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.