New York Falls Just Short Of Another $2 Billion Handle In January

Following a record-breaking 2023, New York sportsbooks started 2024 strong, generating almost $2 billion in a betting handle. As a result, NY sportsbooks had their highest revenue month since the market launched two years ago.

In January, players gambled $1.96 billion in total, according to the New York State Gaming Commission (NYSGC). January’s betting handle represents a 9.31% rise from the $1.79 billion set in January last year.

The number is also a 4.22% monthly decrease from December‘s $2.04 billion, symbolizing the end of three months of a handle surpassing the $2.0 billion mark. January 2024 betting handle is still the fourth-highest total since the January 2022 launch.

NY sportsbooks set record high revenue in January

January was a busy 31-day period as the NY sports betting operators generated $211,504,815 in revenue, setting a new record for the second month in a row.

The January revenue total is a 12.32% monthly increase from the December 2023 gaming revenue in NY which was $188.30 million. The figure is also a 41.54% increase from the $149.4 million set in January 2023.

The Empire State imposes a high tax rate of 51%. Although NY sportsbooks continue to complain about how high it is, the tax rate remains the same. As a result, the state managed to collect a record $107.9 million in tax revenue in January.

A breakdown of NY individual operators

FanDuel and DraftKings were ahead of other NY licensees during January. Here’s how NY online sportsbooks performed last month, according to the NYSGC’s January 2024 report:

1. FanDuel: $867.06 million in total bets, taking $109.17 million in revenue
2. DraftKings: $664.79 million in handle, generating $70.97 million in revenue
3. Caesars: $198.0 million in total bets, with a revenue of $13.65 million
4. BetMGM: $118.85 million handle, generating $10.0 million in revenue
5. BetRivers: $50.13 million total spend, resulting in $3.54 million in revenue
6. PointsBet: $31.70 million handle, with a $2.63 million revenue
7. Bally Bet: $9.39 million handle, with a revenue of $425,689
8. WynnBet: $8.75 million in total bets and $358,497 in revenue
9. Resorts WorldBet: $6.92 million in total bets, with a $752,478 revenue

With the recent NFL finals, the numbers might even go higher in February.

NY online casinos could wait a little longer

While the sports betting market continues to bloom, the future of New York online casinos doesn’t look so bright. The licensing process for the New York City casinos has started but is moving at a snail’s pace.

The state regulator is also going through the process of adding three downstate NY retail gaming licenses.

Governor Kathy Hochul decided not to include online gambling in her 2025 executive budget despite Sen. Joseph Addabbo’s submitting a revised iGaming bill. Less than a month ago, Addabbo added a $25 million fund for NY gaming workers to 2024’s bill to minimize cannibalization concerns.

The opposition from the NY Hotel and Gaming Trades Council was not ready to negotiate. Union officials expressed their worries about the impact iGaming would have on all the jobs related to a casino – bar servers, food and beverage workers, chefs, and hotel workers. The union believes the cost of New York iGaming overshadows the benefits for casino workers.