New York Shatters Monthly Sports Betting Record
Online sportsbooks in New York smashed their previous monthly record by handling $1.79 billion in January.
It represented a 10.2% increase on the $1.62 billion they handled in December 2022, as the NFL playoffs sparked excitement among sports bettors in the state.
Sportsbooks held onto $149.4 million in gross gaming revenue, which represented a 20.4% year-on-year increase compared to January 2022.
That also represented a new monthly record, 0.8% ahead of the $149.2 million they held in November last year.
FanDuel cemented its status as top dog in the Empire State, with a handle of $726.7 million and revenue of $81.9 million for the month.
DraftKings was the runner-up, with revenue of $39.8 million from a handle of $593.4 million, and Caesars Sportsbook held onto third place, with $223.7 million handled and $15 million in revenue.
BetMGM handled $112.9 million in wagers and held onto revenue of $7.2 million, while PointsBet was a distant fourth. BetRivers was fifth, and WynnBET, Resorts and Bally Bet all posted modest figures for the month, putting their long-term viability in doubt.
However, Wynn Resorts revealed at its financial markets presentation this week that it is hopeful of WynnBET turning profitable by the end of the year.
“We are driving the business as hard as we can while being prudent,” said chief executive Craig Billings. “I would expect some point of inflection in late 2023, depending upon how much money, good user acquisition we do in Massachusetts, but we have the burn at this point, really, really well under control.”