New York sports betting handle hits $1.47bn

Finance News

NY sports betting operators combined for $1.47 billion in bets through all but one day of February.. 2023 started off with New Yorkers wagering more than $400 million in each of the first four weeks of January.

For the week ended February 19, the post-Super Bowl blues hit the sportsbooks in New York. The end of football season meant less wagering as the nine online sportsbooks in New York took in a little over $339 million in sports bets, down from over $424 million in the previous week.

The good news for sportsbooks? The GGR was up $23 million from the previous week.

The same three sportsbooks remain on top: FanDuel, DraftKings, and Caesars. FanDuel continues to have the lead, accounting for around 40% of the market share in NY online sports betting. FanDuel’s retail and online sportsbook in New York took in over $137 million in wagers and earned over $11 million in revenue. Caesars took in over $44 million in bets and earned $1.4 million in revenue.

Governor Kathy Hochul announced the state collected more than $700 million in taxes from New York sports betting in 2022. That is well over the $249 million estimation set by the state government.