New York reports monthly sports betting revenue of $108.2 million

The New York State Gaming Commission reported on Tuesday that sports betting brought in $108.2 million in sports betting revenue in February, with a strong performance by the betting audience leading to a notable decline in operators’ month-to-month profits.

It was the sixth straight month that New York’s revenue hit nine figures, but it was the lowest amount since Empire State operators requested $99.2 million last August. The public did well in Super Bowl LVII betting, capping the house at $1.4 million, which was made up of $100.5 million in bets placed on the NFL’s marquee event. were withheld.

The house had total sales of at least $140 million in each of the previous five months, with a peak of $149.4 million in January. The February number was 27.6% lower than January, but 32% better than February 2022, when operators claimed $82.4 million.

Handle was also significantly down, slipping 18.1% from its January record of $1.8 billion to $1.47 billion with a nearly 7.4% hold. Despite the decline, it’s still the eighth-highest monthly revenue nationwide in the post-PASPA era, taking New York within $76 million to become the third state to earn $20 billion.

The state collected $55.3 million in tax revenue in February, bringing the total for the year to $131.5 million. Revenue for the first two months of the year is $258.4 million, up 25.4% from the same period in 2022, though revenue is up just 1.7% to $3.3 billion . Tax revenues already total $26.1 million ahead of 2022, when the Empire State will set a national record of $693.9 million.

FanDuel has a free month (by his standards)

The top 10 of all time #Sports Betting handles post-PASPA (February in CAPS)

1 New Jersey $34.8 billion
2 Nevada $30.4 billion
3 NEW YORK $19.9 billion

4 Illinois $19.73 billion <-NEW

5 Pennsylvania $19.66 billion
6 INDIANA $11.3B
7 Colorado $10.8 billion
8 Michigan $9.4 billion
9 Virginia $8.7B
10 Arizona (Dec) $7.8 billion#GamblingTwitter

— Chris Altruda (@AlTruda73) March 14, 2023

FanDuel remains the undisputed leader in the New York mobile sports betting market, holding at least a 40% market share for Handle for the fourth straight month by accepting $591 million in bets in February. But it was also the first time in eight months that the online titan failed to post a double-digit win rate as the 9.1% hold was its lowest since landing at 8.4% in June.

FanDuel led all mobile operators in Super Bowl revenue with nearly $764,000, but its share was a paltry 1.8% of $42.8 million. FanDuel accounted for nearly half of total online revenue in February with $53.5 million, taking its total Empire State revenue to $786 million.

DraftKings was a strong but distant No. 2 to its all-time rival in handle and revenue, with $491.3 million for the former and $33.5 million for the latter, though it was nearly $338,000 at the Super Bowl -dollar lost. However, the weak month for operators meant that DraftKings accounted for 31% of online revenue in February, up more than 4 percentage points from January.

Caesars Sportsbook grabbed the last few podium spots in terms of both handle ($192.8 million) and revenue ($8.5 million), but its 4.4% win rate was the lowest of any operator , which had an eight-digit handle. It finished second in Super Bowl earnings with nearly $335,000, but only had a 1.7% win rate.

BetMGM was the fourth and final operator to hit nine figures in February with $107.7 million. Its 7% overall turnout — 2.9% for the Super Bowl — compared strongly to its peers in February, resulting in revenue of more than $7.5 million.

BetRivers and PointsBet were the only other operators to generate at least $1 million in revenue, with the former totaling more than $2.4 million and the Australia-based book reporting nearly $1.9 million.

Resorts World edged out WynnBET in 7th place in revenue, despite having little more than half of WynnBET’s $10.3 million, with a 9% share that brought in nearly $485,000. WynnBET had a win rate of 4.6% and surpassed just under $470,000.

Bally Bet was last in both revenue and sales, although the $1.2 million value was the highest since almost $1.5 million in bets were accepted in October. It closed with sales of $18,451, the second-lowest total in eight months of activity. Bally Bet also paid out $2,427 on top of his $19,932 in Super Bowl bets accepted.

Another tough month on the retail side

Two of the state’s four commercial sportsbooks — Resorts World and Tioga Downs — posted monthly losses in February, with Resorts World earning an “L” for the second straight month. It’s now down more than $76,000 in 2023 after paying out nearly $43,000 on top of nearly $1.2 million in bets accepted for February.

Tioga Downs’ loss of more than $45,000 was its second monthly loss in the last three, and the -8.1% loss was the worst of all four brick-and-mortar sportsbooks since del Lago posted a negative win rate of 12.1% had .

Rivers Casino and del Lago posted modest gains in February — both had holdings below 6% — as the four books generated nearly $190,000 in total revenue, up from $7.3 million at a 2.6% holding. That was still an improvement from February 2022, when the quartet paid out more than $242,000 above their $6.5 million handle.