New York sports betting handle reaches $19.64bn in 2023 financial year
Gross gaming revenue increased by 20.6 per cent year-on-year.
US.- New York’s sports betting handle for full-year 2023 was $19.64bn, up 19.8 per cent year-on-year. Gross gaming revenue was up 20.6 per cent.
Flutter Entertainment-owned FanDuel led the market with $8.10bn in online wagers and $845.8m in revenue. DraftKings posted $619.6m in revenue from $7.02bn in bets. Caesars registered revenue of $140.4m and a $2.03bn handle.
BetMGM reported $86.1m from $1.26bn, Rush Street Interactive (RSI) $37.8m from $643.6m, Fanatics $23.5m from $361.9m, Resorts World $5.5m from $79.9m handle, Wynn Interactive $3.5m from $103.7m handle and BallyBet $1.7m from $43.7m (the firm paused operations for four months from July before relaunching in November).
New York opened its legal online sports betting market in January 2022. In March 2024, the sports betting handle was $1.85bn, up 3.4 per cent year-on-year and up 4.5 per cent from February 2024’s $1.77bn. Revenue was $151.7m, down 6.8 per cent year-on-year and up 15.5 per cent compared to February 2023.
FanDuel remained the market leader, posting $73.1m in revenue and $781.2m in handle. DraftKings recorded $48.8m from $612.2m in wagers. Caesars registered revenue of $13.6m from $189.4m in bets, BetMGM recorded $7.8m off $125.9m. Fanatics posted $3.8m in revenue from $53.2m in wagers, while Rush Street Interactive registered $3.3m off $66.2m.
New York City casino decisions not expected until 2025
The New York State Gaming Commission announced in March that the state is unlikely to name the successful applicants for new land-based casino licences until late 2025 due to the lengthy approvals process. New York Gaming Commission executive director Robert Williams said that the 30-day window for applications cannot open yet because various zoning laws need to be altered to allow at least one gaming venue in each of the five boroughs.
New York plans to issue three downstate casino licences. Applicants must meet certain environmental standards, including the State/City Environmental Quality Review Act (SEQR). Williams said reviews are unlikely to conclude until Q1 of 2025 and could require applicants to revise their applications. Applicants must also complete Uniform Land Use Review Procedures (ULURPs).
