SPORTS BETTING
US – New York enjoys record for monthly sports bets in just three weeks
By Phil - 7 February 2022
With Friday’s revenue release by the NYSGC, we now have a fresh view of just how remarkable New York state’s launch has been. The bottom line: New York bettors continue to place bets at a rate never seen before — $1.6bn from 8-30 January, including $449.3m in bets during the week ending on 30 January.
That makes New York the official U.S. record holder for betting volume in a single month, breaking New Jersey’s handle record of $1.3bn set in October. According to PlayNY.com: January appears to be the first month since January 2020 that any state other than New Jersey will lead the nation in sports betting volume.
Mike Mazzeo, lead analyst at PlayNY.com, said: “New York supplanting New Jersey as the nation’s largest sports betting market was inevitable, but few thought it would take only three weeks. Betting should calm some once football season ends and operators slow their promotional spending. Still, it’s clear that New York is going to be the flagship sports betting market in the U.S. for the foreseeable future.”
The operator race for the week of 30 January: FanDuel ($141.8m), Caesars Sportsbook ($128.1m), DraftKings ($102.2m), BetMGM ($37.5m), and BetRivers ($10.2m). All that wagering has led to $113m in revenue for the operators, including $21.6m in the week ended Jan. 30. The revenue so far has yielded $57.6m in tax revenue for the state. No state has come anywhere close to such numbers.
