Even before sports betting became legal in New York in 2021, everyone knew that New York was a betting powerhouse. Since then, they have been repeatedly breaking their own sports betting handle record. According to the New York State Gaming Commission (NYGC), the April Sports Betting Handle in New York Reached $2.3 Billion.
Throughout the state, New York witnessed a total of $2.3 billion wagered over the course of five weeks in April, surpassing their previous record of $2.12 billion set in November 2023. Notably, New York stands out as the only state to exceed $2 billion in a monthly betting handle, achieving this milestone for the 4th time.
The 2.3 Billion April Sports Betting Handle in New York will Generate a National Record
For the week ending on April 28th, the April Sports Betting Handle in New York was a staggering sports betting handle of $440.9 million. Thus, New York is on track to shatter their national record for wagering in a single month!
In the final week of April, nine digital operators raked in a combined revenue of at least $39.5 million. Over the five weeks of mobile sports gambling in New York, these operators generated a total revenue of $208.1 million.
This impressive feat was made possible by the tax revenue collected from wagering between March 25-31, which was reported on April 1. As a result, the betting activities from that week were included in the April monthly ledger, giving April an extra week of handle and sports betting revenue.
Which New York Sportsbooks had the Biggest Betting Handle in April?
FanDuel was once again leading the pack in New York and is expecting to make over $100 mill in revenue for the month of April. Last week, they made $22 million in revenue with an 11% hold. Since they began operating in New York, Fanduel has made a whopping $1.8 billion in revenue. Of course, 41% of that will be going to the state of New York.
According to sportsbook pay per head reviews by bookies, it is not a surprise to see FanDuel in the lead. This is because they are the largest sportsbook company in the U.S and have favorable contracts in place.
DraftKings came in second place with a $152.8 million betting handle for April 2024. In third place is Caesars sportsbook which had a betting handle of $37.4 million and $2.2 million in revenue.
With these numbers, it is not a surprise that ESPN Bet expect to launch in New York in the fall of 2024. However, will ESPN Bet be able to remain competitive even if they expand into New York?
New York Sports Betting Revenue Leading the Industry
In 2023, New York emerged as the undisputed champion in generating tax revenue from sports betting, amassing a staggering $876.0 million. This remarkable growth of 24.1% compared to the previous year highlights the immense economic benefits that sports gambling brings to the state.
The substantial figure not only showcases the financial prowess of this industry but also emphasizes its crucial role in supporting education and community-driven projects. By utilizing these funds, New York aims to counterbalance any adverse effects that gambling may have on society, paving the way for a brighter future.
For 2024, the New York State Gaming Commission has revealed that the introduction of legal mobile sports betting resulted in a staggering $909 million in gaming revenue for the state, along with an impressive $78.5 million in tax contributions. If these numbers continue, New York will easily beat the numbers from last year.
This substantial influx of funds has enabled New York to support numerous public initiatives and programs, highlighting the positive fiscal impact of the legalized sports betting industry. As the market continues to grow and evolve, these tax revenues are projected to rise, solidifying their position as a reliable and sustainable source of state funding.
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