NY Posts Solid Sports Betting Revenue in February – Casino Reports
The month of February 2023 was a strong month in terms of sports betting revenue for New York State. On Tuesday, the New York State Gaming Commission released its monthly report confirming that the state secured $108.2 million in online sports betting revenue for the month. That number is bolstered by Super Bowl LVII, which has garnered a lot of interest.
The Empire State mobile sportsbook is relatively new, having officially launched in January 2022. It is home to a total of nine private sports betting companies that brought in more than $700 million in betting revenue for the state in its first year. In addition, the state secured an additional $200 million from licensing bookmakers.
Solid but still lower numbers
This week, the NYSGC reported that the nine digital bookmakers generated $108.2 million in sports betting revenue in February 2023. However, this number is still less than in the last five months, as the state fails to reach $140 million in monthly revenue for the first time. For comparison, the state recorded $149 million in January 2023.
Meanwhile, total recorded betting activity in February also declined as it fell 18.1% month-on-month. The total betting amount in January reached $1.8 billion while increasing in February $1.47 billion with a hold of 7.4% for operators. But despite the decline in handle, it was still the eighth highest monthly candle across the country and other markets.
In addition, the state pocketed $108.2 million in proceeds $55.3 million in tax revenue for February. With this volume, the total for the year is $131.5 million. It should be noted that tax revenue for the first two months of 2023 is $26.1 million better than the first two months of 2022. Meanwhile, the tax rate is only 1.7% year-over-year higher.
There were no surprises in the operators’ performances as FanDuel maintained its top spot in the market in February. The company $591 million settled of the monthly bet with a hold of 9.1%. Meanwhile, runner-up DraftKings had $491.3 million in total betting volume and $33.5 million in revenue. Caesars Sportsbook came in third with $192.8 million and $8.5 million in revenue.
However, after February’s modest numbers, March Madness is upon us this month, likely to return volume. New York has already done it started March with strong legs, for the week ended March 7, the nine sportsbooks reported $410 million in wagers. This resulted in gross gaming revenue of $25.8 million and an ownership interest of just 6.3%.
Following the success of mobile sports betting, New York lawmakers looked to legalize Online Casino Games in the imperial state. That won’t happen in 2023, however, as the post was removed from the New York Assembly and Senate’s one-house budget Suggestions. Proponents of the change, like Senator Joe Addabbo, say it won’t be the final push for it anytime soon.
Source: Altruda, Chris “New York reports $108.2 million in sports betting revenue for February” SportsHandleMarch 14, 2023
https://www.casinoreports.ca/2023/03/16/ny-posts-solid-february-sports-betting-revenue/ NY Posts Solid Sports Betting Revenue in February – Casino Reports