New York mobile sports betting handle tops $40B

New York Tax Revenue
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New York has become the second state to surpass $40 billion in legal sports betting handle.

The Empire State has taken just 115 weeks to reach the mark since sports betting apps began taking wagers in January 2022. That means that after neighboring New Jersey, NY is the second state to have taken $40 billion worth of mobile bets since the repeal of PASPA in 2018.

NY broke the threshold as the New York Gaming Commission reported $445.3 million worth of bets placed for the week ending March 17. That is the highest figure since the week before the Super Bowl and the second time in three weeks that the state has seen over $40 million in profits. It’s also the 22nd time out of the last 23 weeks that New York mobile sports betting has taken $400 million in wagers. 

New York’s week-over-week numbers saw total handle rise by 1.9% and revenue jump 8.8%. It comes amid one of the most frenzied times of the year for sports betting as the early rounds of March Madness continue to play out.

FanDuel sits atop Empire State

FanDuel led by taking $178.9 million and seeing revenue of $21.3 million, over half of the state’s total for the week, while DraftKings followed with a handle of $148 million, although its revenue fell from $13 million in the previous to $11.3 million in the latest period. 

Fanatics Sportsbook reported seven-figure revenue in the state just weeks after making its New York debut following the completion of its migration of PointsBet’s platform earlier this month. Meanwhile, Rush Street Interactive, which is reportedly considering a potential sale to a giant such as DraftKings, saw BetRivers generate its largest handle since mid-November.  

The market’s going to get more crowded shortly, with Penn Entertainment announcing earlier this month that it is purchasing Wynn’s state license to launch ESPN Bet in New York.