The Giants play football in New York, and the state remains a giant in the sports betting world.
The New York State Gaming Commission released its latest numbers. And although New York sports betting dropped slightly in February, it remained strong enough to produce the second-highest monthly total in U.S. history.
February Numbers
Researchers with The New York State Gaming Commission said that sportsbooks claimed more than $108 million in sports wagering during the month of February. It’s the sixth straight month sports betting revenue reached nine figures in New York. The 2023 Super Bowl helped. The amount bet at New York online sportsbooks reached $1.47 billion.
Tax revenue for the state totaled $55.3 million in February. In 2022, New York established a record with $693.9 million in tax income; tax revenue is already $26.1 million ahead of last year’s total.
Despite handle growing only 1.7% during the first two months of the year, the tax revenue that it generated is more than 25% higher than in the same period in 2022. At this rate, New York could see state tax revenue top $1 billion within the next two months.
Not All New York Sports Betting Numbers Were Up
Despite the strong numbers, not all of the news is good. February’s totals marked the lowest amount since Empire State operators took in a little more than $99 million last August.
Part of the reason is that betting on Super Bowl LVII was successful for the general public. Only $1.4 million of the $100.5 million in wagers on the NFL’s big game were won by the house.
The total for February was still 32% higher than February 2022, when operators reported $82.4 million, but nearly 28% lower than January.
New York’s handle was also down more than 7%. But despite the dip, it is the eighth-highest monthly handle nationally in the post-PASPA era and it moved New York closer to becoming the third state to pass $20 billion by $76 million.
Expect a Big Sports Betting Number in March
While the February handle total of $1.47 billion stands as the state’s lowest since September, it isn’t far off from the February 2022 total ($1.53 billion) which was inflated by promos and bonuses.
And even as the NFL football is pushed to the sidelines, sportsbooks remain poised to shatter the state’s U.S. betting record on the strength of March Madness. The NCAA Tournament held six first- and second-round games at MVP Arena in Albany and another three Sweet 16 and Elite Eight games at Madison Square Garden.
New York sportsbooks collected more than $114 million last March, but according to a recent survey by the American Gambling Association (AGA), $15 billion is expected to be bet on the NCAA Division I men’s basketball tournament (in the U.S.) this year.
Online sports betting in New York generated gross revenues of little under $1.3 billion in the first 11 months of the current fiscal year. It’s feasible that the amount might surpass $1.5 billion in its first year given that there is still the remainder of this month to contribute to that total.
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