New York Nearly Hits $2 Billion Betting Handle in January

Quick Intro

After shattering records in 2023, New York’s sportsbooks began 2024 on a high note, approaching a $2 billion betting handle and marking their most profitable month since the industry’s inception two years ago.

Record Betting Activity in January

In January, New York’s bettors wagered a total of $1.96 billion, as reported by the New York State Gaming Commission (NYSGC). This represents a 9.31% increase from January of the previous year’s $1.79 billion and marks a slight 4.22% dip from December’s $2.04 billion, ending a streak of three consecutive months exceeding the $2 billion handle. Despite this, January 2024’s handle ranks as the fourth highest since sports betting launched in January 2022.

Unprecedented Revenue for NY Sportsbooks

January saw NY sports betting operators amassing $211,504,815 in revenue over 31 days, setting a new monthly record for the second time in a row. This revenue surge is a 12.32% increase from December 2023’s $188.30 million and a substantial 41.54% rise from January 2023’s $149.4 million.

Despite ongoing grievances about the state’s hefty 51% tax rate, New York collected a record $107.9 million in tax revenue in January, showcasing the significant financial impact of sports betting.

Performance Breakdown of Individual Operators

FanDuel and DraftKings led the pack among New York’s licensed operators in January. According to the NYSGC’s January 2024 report, here’s a glance at how different online sportsbooks fared:

  • FanDuel: $867.06 million in bets, $109.17 million in revenue
  • DraftKings: $664.79 million in bets, $70.97 million in revenue
  • Caesars: $198.0 million in bets, $13.65 million in revenue
  • BetMGM: $118.85 million in bets, $10.0 million in revenue
  • BetRivers: $50.13 million in bets, $3.54 million in revenue
  • PointsBet: $31.70 million in bets, $2.63 million in revenue
  • Bally Bet: $9.39 million in bets, $425,689 in revenue
  • WynnBet: $8.75 million in bets, $358,497 in revenue
  • Resorts WorldBet: $6.92 million in bets, $752,478 in revenue

With the NFL finals just around the corner, February’s figures are anticipated to climb even higher.

Slow Progress for NY Online Casinos

While sports betting thrives, the progress of New York’s online casinos remains sluggish. The licensing process for New York City casinos is underway but advancing slowly, with the state also working on issuing three downstate retail gaming licenses.

Governor Kathy Hochul opted not to include online gambling in her 2025 executive budget, despite Sen. Joseph Addabbo’s efforts with a revised iGaming bill that includes a $25 million fund for gaming workers to address cannibalization concerns.

However, the NY Hotel and Gaming Trades Council has expressed significant concerns about the potential impact of iGaming on casino-related jobs, suggesting the costs may outweigh the benefits for the industry’s workers. This stance hints at the complex dynamics and challenges facing the future of online gambling in New York.