New York Sports Betting Experiences Second Straight Month of Declines in February

The end of the NFL season led to a predictable drop-off in legal sports betting in New York in February, including declines for some of our best sports betting apps.

Despite Super Bowl betting being at its highest level ever in the Empire State, New York sports betting apps and the state's retail providers had their worst month since August in terms of revenues and the lowest sports betting activity output since September during the February reporting period.

According to the New York Gaming Commission February report, February revenues for New York sportsbooks were down about 38% from a state and national record profit haul set in January.

However, New York sports betting still enjoyed its seven straight months of $1 billion handles, a stretch that included three $2 billion hauls.

$1.8 billion handle for February

New York sports betting sites and the state's retail providers combined to take in $1.8 billion worth of wagers in February, the lowest legal sports betting output in the Empire State since $1.77 billion in September.

That number represents a 9.5% drop from the $1.965 billion in January but a nice 20.7% year-over-year jump from the $1.47 billion in February 2023. While the overall numbers may have been down from January, residents are surely still taking advantage of numerous New York sportsbook promos.

Unsurprisingly, New York sports betting apps comprised most of the state's overall February handle. $1.77 billion of the overall $1.8 billion came from New York's best betting sites.

Mixed revenue totals for February

Revenue figures for New York's sportsbooks were mixed in February. Sportsbook profits were down from the record levels reported in January but were significantly better year-over-year. They were, however, at their lowest totals since the NFL season started in September.

February's marquee sporting event, the Super Bowl, led to heavy losses for a few individual sportsbooks for the month.

In February, adjusted gross sports betting revenue was reported at $131.4 million for New York sportsbooks. While an impressive 21.1% increase from the $108.3 million in February 2023, it's a 38% drop from the nation and state record of $211.7 million set in January.

The February hold rate for New York sportsbooks came in at just 7.4% 

From New York sportsbooks February adjusted gross revenue, $67 million in tax contributions from state providers resulted. That's down from nearly $107.9 million in January but is up from $55.2 million in February 2023.

Through the first two months of 2024, $174.9 million has flowed into New York state tax coffers from the state’s legal sports betting industry, a $43 million improvement from the same two-month period last year.

FanDuel still tops, but DraftKings closing the gap

FanDuel was the top-performing New York sports betting app in February, accounting for 40.6% of the state's overall online betting total. In February, FanDuel accepted $720.1 million in wagers.

While the lowest market share percentage in the last five months, February did extend FanDuel's streak of 40% or more market share in the Empire State to five.

FanDuel New York reported $63.4 million in revenues for February, off of a slightly underwhelming 8.8% handle.

DraftKings New York was an easy second in the New York market with $607.7 million in accepted wagers in February. The company reported $53.4 million in profits thanks to a slightly higher than 8.8% hold.

FanDuel New York and DraftKings New York combined for a 72% sports betting market share in New York during February.

Caesars Sportsbook New York was third in terms of February handle in New York with $162.2 million in wagers. 

BetMGM New York was fourth in terms of handle with $129.7 million in accepted wagers but suffered revenues-wise because of Super Bowl-fueled losses for the sports betting provider. BetMGM New York reported a state-record $9.6 million monthly loss for Super Bowl week, leading to a monthly revenue haul of just $580,000. That is off a measly 0.4% hold, an all-time low for any sportsbook in the New York market.