New York Sets Sports Betting Revenue Record in January

After dominating the sports betting scene in recent years, New York sports betting apps and retail providers set another record in January.

While the overall monthly handle for New York sports betting dropped from December, the best sports betting sites in the Empire State did set a new high-water mark in revenue - both in terms of the state itself and the national scene.

In January, New York was able to cement its status as the unquestioned "King of the Legal Sports Betting States." New York now owns the highest monthly handle ever in the broad and expanding U.S. legal sports betting industry, the top revenue month any state has seen, and the highest amount of taxes collected by any state’s best sports betting apps in a single month.

New York draws nearly $2B in mobile handle

According to the New York State Gaming Commission January report, $1,955,590,364 in accepted mobile bets flowed into New York sports betting sites.

While the figure did snap a three-month streak of $2 billion-plus monthly handles, January's sports wagering numbers are a 9.3% month-over-month improvement from the nearly $1.8 billion handle from January 2023, which was a state record handle at the time.

January’s handle was just slightly lower than the $2.05 billion reported by New York’s best sportsbooks in December, which was surely influenced by the wide array of New York sportsbook promos that have accompanied the state's rise in the industry.

New revenue record in January

New York sports betting providers reported $211.7 million in revenues in January. Not only is that a monthly record for the state but also a national record that was previously held by Ohio sports betting apps, which reported $209.1 million in January 2023 during the first full month of operation for Ohio sports betting.

January's revenues beat New York's previous record of $189.3 million set in December by 11.8% and mark a 41.2% year-over-year improvement from the $149.9 million from January 2023. 

Thanks to New York's 51% tax rate on Empire State providers, a record $107.9 million in taxes was collected for New York state and local coffers. It is a nearly $11.8 million month-over-month improvement from December's tax haul and about a $31.6 million year-over-year spike from those January 2023 contributions.

FanDuel reigns supreme with record-setting month

FanDuel New York ran away with both the handle and revenue battle between it and DraftKings New York in January. FanDuel accounted for $867.1 million of the nearly $2 billion in January handle in the Empire State, good for a roughly 44.3% market share.

FanDuel became the first New York sportsbook to eclipse $100 million in monthly revenues during January with a whopping $109.2 million in profits for the month. That number represents about 51.6% of the state's total monthly sportsbook revenue total.

To put that number in perspective, there are only four states in the American market that have hit the $100 million revenue mark. One provider in one state did that in January alone.

DraftKings finished a familiar second in the New York sports betting market. It reported $664.8 million in January bets and set its own monthly revenues record with just under $71 million in winnings.

BetMGM New York was next with a $118.8 million January handle. The New York sports betting site hit the $10 million monthly revenue mark for the first time ever last month, clearing that milestone by just $12,500. Caesars Sportsbook New York was fourth, with Resorts World rounding out the top five most popular New York sports betting apps.