NEW YORK MOBILE SPORTS BETTING IS ALREADY BEATING EXPECTATIONS SINCE JANUARY 8TH LAUNCH

New York mobile sports betting launched barely two weeks ago. And, the betting handle is already crushing the expectations that were set. Over $1.1 billion has been wagered in the state in the short time after launching.

On January 8th, the first four New York online sportsbooks launched. BetMGM joined these four when it launched on January 17th. These five online sportsbooks earned a combined $572.6 in betting handle as well as $43.2 million in revenue for the week ending on January 23rd.

So, this means the New York handle for the first 16 days of the market was $1.176 billion as well as $91.4 billion in revenue. This amounts to over three times the handle, as well as double the revenue that the New York retail betting market has been able to produce since its July 2019 launch.

Because of New York’s 51% tax rate on sports betting revenue, the state has earned $46.6 million in tax revenue from sports betting. This puts the state on track to earn the $500 million budget projection, even with anticipated fluctuations in the seasons.

As of this writing, Caesars reigns supreme as the top sportsbook in the state. Their strong start is probably in large part due to the sizeable promo offer that was offered by the sportsbook. However, the sportsbook has faced issues with delayed payouts and customer service that are well-documented.

Caesars has taken in $41,750,855 in total revenue so far with a $487,360,917 in total handle. Its closest competitor, FanDuel has seen $24,179,011 and $360,005,361 respectively during the same period. The third highest, DraftKings has seen $265,475,441 and $21,751,213 respectively.

This means for the first 16 days of New York mobile sports betting, Caesars has seen 41.5% of the handle and 45.7% of the revenue in the state. FanDuel has seen $30.6% of the handle and 26.4% of the revenue. DraftKings has seen 22.6% of the handle and 23.8% of the revenue.

While BetMGM has some catching up to do in the New York online sports betting market, the company is not worried. BetMGM CEO Adam Greenblatt has expressed his excitement for how the launch in New York has gone. He stated that the company has broken records with this launch, including having the best first day of any live launch.

He also stated that the company broke records for most registrations, most first-time depositors, and for bets, deposits, and handle.

The next update on weekly results will include the first results from PointsBet after its launch in the state. On January 24th, PointsBet became the sixth online sportsbook operator to launch in New York.

As of this writing, there are three sportsbooks that still need to launch in the Empire State. These are WynnBET, Resorts World Bet, and Bally Bet. Resorts World Bet has indicated that it is working to launch as soon as possible.

Currently, WynnBET is up for sale for a reported $500 million. However, the operator is still expected to launch in New York prior to the sale.

Bally Bet may be the last online sportsbook operator to launch in the New York Market. The Chairman, Soo Kim, has indicated that the operator will not launch in the state until April. This is to avoid the promotional environment that has become quite crazy.

Written by Allie Nelson, our US Sports Betting Industry Expert. You can learn more about our author's expertise here.