New York online sports betting handle drops to $1.77bn in February

It was the lowest online sports betting handle since September 2023.

US.- New York’s online sports betting handle was $1.77bn in February, down 9.7 per cent from January but up 20.4 per cent from February 2023. It was also the lowest monthly amount since September 2023 ($1.76bn).

Gross gaming revenue was $131.4m, down 37.9 compared to January but up 21.3 per cent from February 2023. FanDuel remained the market leader, posting $63.4m in revenue from $720.1m in bets. DraftKings registered $53.4m from $607.9m, Caesars $6.7m from $160.7m and Rush Street Interactive (RSI) $3m from $46.9m.

Fanatics Betting and Gaming has now launched Fanatics Sportsbook in New York, its 15th state. The firm also announced launches in Michigan and Indiana this week.

Last month, a study carried out by the United States Census Bureau revealed that New York contributes more than 37 per cent of the total tax revenue generated from sports betting in the US. The Quarterly Survey of State and Local Tax Revenue (QTAX) recently added sports betting to the list of surveyed state and local tax revenue sources.

The study shows that in Q3 2023, sports betting generated national state-level sales tax and gross receipts of $505.96m, up 20.5 per cent from the same quarter in 2022, but down from $571.48m reported in Q2 2023. New York accounted for $188.53m, more than 37 per cent. Indiana, with $38.6m and Ohio, with $32.9m, followed.

Resorts World New York City unveils $5bn expansion proposal

Resorts World Casino New York City has revealed a $5bn expansion plan that aims to transform Southeast Queens into a “vibrant entertainment destination” with a concert hall and other amenities.” The casino aims to gain one of three full-fledged gaming licences to be issued by the state.

Currently the only casino in the city, Resorts World would be able to broaden its offerings from machine activities to include table games, like blackjack and poker if it contains a full casino licence. It presented plans at an event attended by Queens-raised rapper Nas, chef Marcus Samuelsson, borough President Donovan Richards and state senator Joseph Addabbo Jr.

See also: ESPN Bet to launch in New York via acquisition of Wynn licence