Start spreading the news. New York sports betting is generating record revenues.
New York gamers set a new record in the US for the highest annual sports betting spend, reaching a staggering $19.64 billion. This is the highest amount ever spent in any regulated US state.
In the financial year 2023, which ended on March 31, the nine sportsbook operators in New York generated over $1.76 billion in revenue. This represents a 20.6% increase in Gross Gaming Revenue (GGR) compared to the previous year and marks a 19.8% increase from 2022.
Online Betting is King of New York
In the financial year 2023, total sports bets in New York increased by nearly 20%.
FanDuel was the market leader again, earning $845.8 million from $8.10 billion in bets. Massachusetts-based DraftKings finished second with nearly $620 million in earnings from just over $7 billion in bets. Caesars was third, earning $140.4 million from $2.03 billion in bets. BetMGM, a joint venture between MGM Resorts and Entain, came in fourth. They earned $86.1 million from $1.26 billion in bets.
Picking Up Where New York Left Off in 2023
It appears 2024 is picking up where 2023 left off. Take the most recent numbers.
In March, the total amount of bets placed in New York, also known as the “handle”, went up significantly, hitting $1.85 billion. However, the money made from these bets, known as “revenue”, dropped a bit to $151.7 million because the bettors won more often. Even with this drop, both the total bets and the money made in March were higher than what they were in February.
The Rich Only Want to Get Richer
It’s worth noting that online sports betting was only legalized in New York in January 2022, but for many years, New York has been considered one of the last untapped gambling markets in the United States. The most recent revenue numbers are heating up the market and attracting more attention to the industry. It’s also fueling gambling expansion talks in the Empire State.
Las Vegas, Nevada currently stands as not only the gambling capital of the US but also the world. However, New York is eyeing the substantial profits that casinos can generate and is keen to boost tourism and economic growth in the state. The figures are impressive enough to have sparked interest in expanding iGaming permissions.
And there’s already talk of licensing three new mega casino resorts in New York City. One plan includes a whopping $12 billion skyscraper casino resort in New York City. The mega complex would stand 80 stories tall and could completely revamp the city’s iconic skyline.
To operate, casinos require a state-approved license. As of now, these licenses are prohibited in New York, rendering casinos illegal. The state is looking to change this status quo and tap into the lucrative gambling industry.
There’s a long way to go before any ground is broken, so right now, lawmakers will have to settle for only revenue records being broken. But money talks and it appears that it’s only a matter of time before changes are made.
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