New York State Sports Betting Reports $1.97 Billion Handle in April

The New York State Gaming Commission recently released data showing a sports betting handle of close to $1.97 billion for April, narrowly missing the $2 billion milestone. This marks the fourth time in history that the state fell just short of hitting the $2 billion mark.

April’s Numbers and Fiscal Year Impact

The April figures received a boost from revenue collected during the final week of March, falling under April’s fiscal year. This timing resulted in a 6.2% month-over-month increase in handle from March and a notable 20.6% rise in sports betting revenue, totaling $184 million.

New York’s April handle ranks fourth nationally since the post-PASPA era, solidifying the state’s position as a sports betting powerhouse. The revenue total also holds fourth place overall, with New York dominating the top-10 all-time totals in the industry.

Compared to April 2023, April 2024 saw a significant increase in handle by 27.1%, while revenue surged by 32.1%. Year-to-date figures for 2024 showcase a 14.4% rise in accepted bets and a revenue boost of 21.1%.

The state collected $93.8 million in taxes, primarily from New York’s nine mobile operators. This year’s tax receipts are ahead of last year by $59.6 million and are on track to exceed $1 billion, doubling initial projections.

FanDuel’s robust performance helped it avoid a sub-10% hold for the third consecutive month. DraftKings also saw significant year-over-year growth in handle and revenue, topping around $60 million in monthly revenue for the fourth time in recent months. Caesars, while maintaining total revenue above $400 million, saw a decline in market share due to a lower win rate.

Fanatics Sportsbook’s debut in New York resulted in $5.6 million in revenue, a record high including its predecessor PointsBet. The company gained a 3% mobile handle market share and positive from bettors.

Week-to-Week Trends and Industry Observations

The first week of May witnessed a notable handle of $484.1 million, ranking among the top 10 all-time weeks in betting activity. DraftKings led in handle, while FanDuel contributed significantly to operator winnings.

New York’s sports betting industry continues to show promising growth, with operators like FanDuel, DraftKings, and new entrants like Fanatics making significant contributions. The state’s robust revenue figures and increasing tax collection bode well for the future of sports betting in New York.

Source:

”New York Narrowly Misses $2 Billion In Handle for April”, realmoneyaction.casinowinning.net, May 10, 2024.