NY Records US$1.5B in Sports Betting in February

The Empire State’s recently launched mobile sports betting market continues to thrive, as according to recent estimations the February handle has passed the US$1.5 billion mark. According to recent reports, for the whole of February with the exception of one day, the seven active operators have handled US$1.491 billion in bets, and by adding the daily average handle of US$55.2 it passes US$1.5 billion.

The market officially went online on January 8, 2022, as four licensed operators led the charge. Over time, more and more operators have also joined and this month Resorts Worlds became the eighth operator to go live. Despite the infant age of the regime, it has already broken numerous mobile sports betting records in the country.

February Recap

Since the start of the market, New York State has collected more than US$100 million in taxes, as determined by the 51% tax rate for operators. For the month of February bar one day, active operators have paid out around US$41 million in taxes, while back in January their total tax revenue sharing payment to the state reached US$63.2 million.

For the week that concluded on February 27, 2022, mobile sports bets’ handle reached US$350.3 million. This amount is only 0.9% lower than the previous week. Once more during the said week, FanDuel dominated the market with 37.7% of the handle. However, despite the company leading in handle, DraftKings was first in terms of all revenue by securing 36.4% of the total.

Caesars Sportsbook, which was the leader of all gaming operators at the start of the market, due to its hefty promotional offers has now fallen third in terms of handle for February with US$316,545,716 in handle. BetMGM is fourth with US$150,334,959, while PointsBet and BetRivers are sitting at fifth with US$50,794,134, and sixth US$36,127,274 respectively. WynnBET who launched recently got US$ $4,861,510.

However, this month sports bettors are expected to become even more active as March Madness is just around the corner. Selection Sunday is this week, and then fans will have the First Four games on Tuesday. The first report for the mobile sports betting handle that includes March Madness should be published on March 25, 2022, while also including second-round betting.

Resorts WorldBET is Now Online

One operator who launched only recently and was not able to take part in last month’s handle is Resorts World. The company has launched its Resorts WorldBET mobile sportsbook app this month, and it is now ready to fight for a market share. In order to attract bettors, the company has also introduced a promotion for newly registered users who can receive up to US$500 in risk-free bets.

Assemblyman Wants More Options

New York State Gaming Commission has determined that a total of nine online sports betting brands can operate in its market. Just recently, New York Assemblyman J. Gary Pretlow introduced a bill, that would increase the number of sportsbooks to 16, provided that is approved. Mr. Pretlow’s proposal is to have more operators, while also lowering the 51% tax rate, which many consider as way too high.

Source: Waters, Matthew “Mobile NY Sports Betting Hits $1.5B Handle In February”, LegalSportsReport, March 7, 2022