New York Sportsbooks Smashed Through $1.5bn Barrier in April

New York Sportsbooks Smashed Through $1.5bn Barrier in April

New York’s sports betting handle increased 11% year-on-year to hit $1.54 billion in April, according to new figures from the New York State Gaming Commission.

That represented a 13% decline compared to March’s total, but that was to be expected following the end of the NCAA Tournament.

Operators will be more enthused by the double-digit year-on-year increase, which suggests that the industry is still going from strength to strength in the Empire State.

Online sportsbooks in New York earned a combined $139.2 million in gross gaming revenue during April, a 31.9% increase on the same period in 2022. It amounted to an 8.9% hold rate.

FanDuel maintained its dominance, with a handle of $626.3 million and revenue of almost $71 million – equivalent to an 11.3% hold.

DraftKings was second, with revenue of $44.9 million off a handle of $516.4 million, leaving it comfortably ahead of Caesars Sportsbook and BetMGM. The other sportsbooks in the state only account for a fraction of the overall wagering activity.

The Empire State takes a 51% tax on gross revenue from online sportsbooks, and it has now raked in more than $985 million since legal online sports wagering began in January 2022.

Operators have lobbied the state to reduce the tax rate and bring it in line with other jurisdictions, but lawmakers have resisted those calls.

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