New York Ending Sports Betting Year on Strong Note

Dec 11, 2023; East Rutherford, New Jersey, USA; New York Giants quarterback Tommy DeVito (15) reacts before the game against the Green Bay Packers at MetLife Stadium. Mandatory Credit: Robert Deutsch-USA TODAY SportsThe New York State Gaming Commission reported $416.2 million in online sports betting handle for the week ending Dec. 24One more week remains to report in 2023 and New York is closing in on $19 billion in handle The state took in more than $21 million in tax revenue for the week

New York online sports betting is ending 2023 on a high note as the gaming commission reported more than $416.02 million in sports betting handle for the week ending Dec. 24.

With just one more week left to report in 2023, New York is closing in on $19 billion in online sports betting handle for the year, by far the largest sports betting market in the country.

The state has also surpassed $1.5 billion in gross gaming revenue for the year.

One More Week to End Strong

With just one week remaining to be reported in 2023, New York online sports betting handle sits at $18,876,747,663 and will likely see another $400 million to $500 million added to that total before the year’s reporting ends.

The gaming commission reported $416.02 million in online sports betting handle for the week ending Dec. 24 and more than $42.5 million in gross gaming revenue.

FanDuel returned to the top sport for  the week, totaling $174.6 million in online sports betting handle and more than $22 million in gross gaming revenue. DraftKings totaled $149.03 million in handle and $11.5 million in gross gaming revenue.

The New York State Gaming Commission releases handle and revenue reports for its nine NY sports betting apps, Caesars Sportsbook, DraftKings Sportsbook, FanDuel, BetMGM, WynnBET, PointsBet, Bally Bet, Resorts World Bet, and BetRivers, at the conclusion of each week.

Here are the handle breakdowns for the nine sportsbooks for the week ending Dec. 24:

FanDuel NY: $174,667,258DraftKings NY: $149,033,320Caesars Sportsbook NY: $42,945,135BetMGM NY: $26,887,305BetRivers: $10,960,290PointsBet: $6,244,151Resorts World: $2,197,448Bally Bet: $1,198,456WynnBET: $1,889,153

Fanatics Sportsbook will likely take over the PointsBet New York online sports betting license soon. The New York State Gaming Commission recently gave regulatory approval for the transfer of PointsBet’s online sports betting license to Fanatics Betting and Gaming, setting the stage for the first new sports betting operator in the Empire State since it launched online sports betting in Jan. 2022.

There is no timeline for the transfer of the license.

Bally Bet has resumed operations in New York after transitioning to its Kambi platform.

Here are the total handles for the nine sportsbooks since New York’s Jan. 8, 2022 launch. FanDuel is the only operator in the state to eclipse $14 billion in total handle so far. BetRivers crossed the $1 billion mark this week.

FanDuel: $14,119,113,218DraftKings: $11,146,433,721Caesars: $4,881,999,998BetMGM: $2,553,886,995BetRivers: $1,015,747,082PointsBet: $735,505,742WynnBET: $205,412,842Resorts World: $126,813,669Bally Bet: $25,483,640

NY Sports Betting Revenues

For the week of Dec. 24, the nine sportsbooks reported a total of $42,519,859 in gross gaming revenue. At New York’s 51% online sports betting tax rate, this resulted in $21,685,128  million in tax revenue.

Here are the total gross gaming revenues for the week:

FanDuel: $22,008,285DraftKings: $11,559,702Caesars: $4,388,253BetMGM: $2,976,704BetRivers: $812,252PointsBet: $475,330Resorts World: $206,717Bally Bet: $132,926WynnBET: ($40,308)

Here are the total gross gaming revenues since the Jan. 8, 2022 launch:

FanDuel: $1,449,000,271DraftKings: $912,714,046Caesars: $356,792,190BetMGM: $170,879,269BetRivers: $58,202,167PointsBet: $46,025,552WynnBET: $10,363,614Resorts World: $7,555,926Bally Bet: $766,139