Sports Betting Handle in NY Near $2 Billion Industry

April Sports Betting Handle in NY Near $2 Billion

By Amelia Walker Senior Content Writer Updated: 27 May 2024

Amelia Walker Senior Content Writer

Amelia Walker is a Senior Content Writer at Betting.US. She has a law degree and deep knowledge of the gambling laws in the United States. Her mission is to keep players informed about responsible gambling, while her passion for sports helps her create useful guides. Amelia has over a decade of experience in betting, which has positioned her as a trusted voice among our readers.

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The sports betting handle for April in New York reached close to $2 billion, coming in at around $1.97 billion.

This figure marks the fourth time in its sports betting history that New York has come close to this milestone, reflecting a strong month for the industry. The figures were revealed in a report released by the New York State Gaming Commission recently.

According to Cocoadocs.org:

The surge in sports betting activity has not gone unnoticed by lawmakers and industry insiders, who see the potential for significant tax revenues and economic growth in the burgeoning sports betting market.

The surge in April’s numbers was partly attributed to revenue accumulated during the final week of March, which ran over into April due to the state’s fiscal calendar starting on April 1. The figures reflected an impressive 6.2 percent increase in handle compared to March, alongside a 20.6 percent rise in sports betting revenue, totaling $184 million.

Consistent Presence in Top 10

New York’s April sports betting performance is the fourth highest nationally since the overturning of PASPA, and the state has enjoyed a consistent presence in the top 10 for all-time totals.

The revenue generated in April put New York in fourth position overall, with the state claiming eight of the top 10 monthly operator revenue totals, while New Jersey and Ohio hold one each.

Compared to the same period in 2023, April’s handle reflected an impressive 27.1 percent increase, with a 32.1 percent surge in revenue, driven by a 9.3 percent hold.

According to data, the value of accepted bets for the first four months of 2024 amounted to $7.57 billion, reflecting a 14.4 percent rise from the previous year and generating $679.6 million in revenue. This reflected an increase of 21.1 percent.

Data also showed that $93.8 million in taxes was collected by the state, and the majority of this came from New York’s nine mobile sports betting operators. Year-to-date figures came to $345.1 million, which beat last year’s figures by $59.6 million.

This led to an expected total exceeding $1 billion, effectively doubling initial projections from the former governor, Andrew Cuomo, during the launch of sports betting apps in January 2022.

FanDuel the Front Runner Among Operators

Among the operators, FanDuel came out as the frontrunner, achieving an 11.7 percent hold and surpassing two consecutive months below 10 percent. This resulted in $91 million in revenue from $780.5 million worth of wagers, taking its total revenue in the state above $1.8 billion.

DraftKings saw an impressive 42.7 percent year-on-year increase in handle, reaching $737 million, with an 8.6 percent hold leading to $63.2 million in revenue for April. However, Caesars saw a decline in its market share, with its handle representing only 8.1 percent of the total mobile handle. This was despite clearing $400 million in total revenue.

BetMGM reported its highest handle since April 2022, totaling $130.2 million, with a 7 percent hold, resulting in $9.1 million in revenue. This reflected the fourth-best performance in 28 months. Fanatics Sportsbook, which was debuting in New York, recorded $5.6 million in revenue.

Officials said that the performance of New York’s sports betting industry in April was a reflection of its continued growth and showed the market’s potential for further expansion.