January closes with record $211M in revenue for NY sportsbooks

New York Tax Revenue
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The New York gaming market is continuing to break records.

The New York State Gaming Commission reported a $1.9 billion online sports betting handle in January, up from $1.7 billion in wagers placed for the same period last year. The Empire State’s handle in January 2024 generated $211.5 million in gross gaming revenue. The results surpassed December 2023’s previous state record of $188.3 million in revenue.

Ohio is the only other U.S. jurisdiction to generate over $200 million in revenue from sports wagering. The Buckeye State posted $208 million in revenue in January 2023, its first month of regulated betting.

New York sportsbooks, which had a 10.8% hold last month, were led by FanDuel to start the new year. The Flutter Entertainment-owned fantasy and sports betting operator generated $109.2 million in revenue during the month behind a $867.1 million handle.

FanDuel’s revenue results in New York were the highest ever reported by an operator.  

DraftKings finished January with the second-highest handle and revenue for the month. The Boston-based operator accepted $664.7 million in wagers in the Empire State, which resulted in $70.9 million in revenue, up from $65 million in revenue for December 2023.

New York, which is home to nine online sports betting operators, will see approximately $107 million in revenue from January allocated toward public education in the state.

Changes coming to New York

New York reported record sports betting results as a new operator plans to enter the state.

Earlier this week, PENN Entertainment, which operates ESPN Bet, agreed to acquire WynnBet’s New York wagering licenses in a deal valued at $25 million. ESPN Bet will replace WynnBet in New York after Wynn Resorts launched the platform in 2022.

In January, Wynn Interactive reported a $8.7 million handle in New York, down from $9.1 million last December. Revenue reached $358,000, up from a loss of $323,464 for December 2023. Between April 2023 and January 2024, Wynn posted a $92 million handle.

ESPN Bet initially launched in 17 states in November 2023 as a rebrand of Barstool Sportsbook. PENN rebranded the sportsbook after selling media brand Barstool Sports back to founder Dave Portnoy for $1 after acquiring full ownership in February 2023.