NY mobile betting tops $600m handle in first nine days

New York’s online sportsbook market was off to a flying start, according to initial mobile sports wagering reports published by the State Gaming Commission. The results show that sports fans across the state generated over $600 million in mobile wagers through the first nine days of operation, which makes the debut the most successful in US sports betting history.

The Empire State launched its regulated online sportsbook industry on January 8, with DraftKings, FanDuel, Caesars, and BetRivers entering the market the same day.

The total amount handled by the four operators from the first day through January 16 was $603.1 million. The licensees held 8.0% of the wagers to generate a combined $48.2 million in revenue.

The amount collected by the state in mobile sports betting taxes during the period was $24.6 million. The tax rate for online sportsbooks operating in the state of New York is 51%, the highest in the country. The tax rate in most states varies between 6% and 15% of adjusted gross receipts with only a handful going above this range.

The state regulator publishes online sports wagering results weekly.

Caesars Sportsbook takes early lead in NY

Of the four New York sports betting apps that went live on the first day, Caesars handled over $250 million in online bets during the first nine days to emerge as the market leader. The amount processed by the licensee during the period was $257.7 million, while the revenue generated by the activity was $22.7 million. The numbers indicate a win rate of 8.8%.

FanDuel Sportsbook followed closely with $200.4 million in bets and $14.1 million in revenue, which translates to 7.1% in hold percentage. Boston-based DraftKings came in third with $134.4 million in bets and $10.9 million in wins, while BetRivers finished in fourth place with $10.6 million handle and a hold of $446,696.

The impressive numbers place New York in a position to outpace its neighbor New Jersey as the national leader in betting handle by the end of the month. Jersey was the first state to report over $1 billion in monthly sports wagers and currently holds the national record for highest volume of legal bets handled in a month ($1.3 billion).

BetMGM also live in New York

In addition to the aforementioned sportsbooks, now BetMGM is also operational in New York. The brand started accepting mobile bets in the state on January 17, making it the fifth online sportsbook app to enter the market.

According to the operator, the rollout marked the most successful launch in the company’s history and the Empire State is already its largest market.

Commenting on the historic launch during a conference call for investors, BetMGM CEO Adam Greenblatt said:

“I am delighted with how it’s gone. We’ve broken all of our records. It was the best first day of any live launch. We broke records for most registrations, for most first time depositors, for deposits, for most for bets, for handle, and what I found particularly pleasing was our technology performed flawlessly in line with our expectations, notwithstanding the volume.”

PointsBet is also looking to go live in the state before the end of the month, according to a statement from the company.

The other three sportsbooks approved for mobile betting by the NY State Gaming Commission – WynnBet, BallyBet, and Resorts World Bet – have not announced when they will join the market.