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February was the first month in 2024 without a full calendar of American football action, bringing online sports betting numbers down in New York.
After having their highest revenue total for a single month since the market launched two years ago, New York sportsbooks’ performance dropped in February despite the month containing Super Bowl LVIII.
The New York State Gaming Commission (NYSGC) reported $1.77 billion in wagers in February, which is the smallest amount wagered since September 2023. That sum also represents a 9.3% drop from a staggering $1.9 billion betting total in January 2024.
On the bright side, the February figure is a 20.8% year-over-year increase and the seventh straight month of NY sportsbooks surpassing $1 billion in dollars bet.
Last month, sports betting in New York accounted for $131.4 million in total gross gaming revenue, bringing in a little over $67 million in state tax revenue.
NY sports betting revenue drops to lowest mark since summer of 2023
As mentioned, NY operators made over $131.4 million in gross gaming revenue, marking the first month below $150 million since the beginning of the 2023-24 NFL season. That revenue figure represents a 37.8% monthly decrease but an uptick of 21.3% compared to February 2023.
FanDuel led NY online sports betting scene in revenue and total bets
Despite a monthly decrease in betting totals, the two best-performing NY operators; FanDuel and DraftKings, combined to account for more than 70% of the state’s overall handle in February. According to the NYSGC’s February report:
- FanDuel reached $720.1 million in bets, winning over $63.4 million
- DraftKings generated $53.38 million in revenue coming from $607.9 million in bets
- Caesars Sportsbook’s took in about $160.7 million in wagers, resulting in $6.7 million in revenue
- BetRivers’ revenue was $2.9 million from $46.8 million in total bets
- Replacing PointsBet, Fanatics won $2.9 million of $82.8 million in wagers
- BallyBet made $724,041 from $9.7 million in bets
- BetMGM won $580,224 from $129.7 million in wagers
- Resorts World Bet won $544,361 in revenue of $8.2 million in bets
- WynnBet won $162,800 in revenue from $7.1 million in wagers
Super Bowl LVIII produced mixed results for NY gambling operators, highlighted by a $5 million loss for BetMGM, which made the operator’s revenue lower than seven figures for the first time since starting to take bets in New York.
In February, New York collected $67 million in tax revenue from online sports betting. New York takes 51% of operators’ taxable revenue, tied for the highest such rate in the United States.
Addabbo said New York online casinos won’t make state budget
New York Sen. Joseph Addabbo said the state’s legislature would not include NY online casino and iLottery in its one-house budget next week. Last week, Addabbo told PlayUSA:
“It’s out of the budget but that doesn’t mean we cannot resume that conversation in June or December. It can materialize at any point.”
In January, the chances of New York online casinos making it to the state budget became less likely as Gov. Kathy Hochul decided not to include revenue from such gaming. By not being incorporated in the executive budget or legislative chamber proposal, New York online casino legalization won’t be part of the final budget dialogues.
When introducing SB8185, Addabbo said that the Senate would not include iGaming in its budget proposal if Hochul didn’t come around by March. The state has until April 1 to complete the 2024-25 Fiscal Year budget.
Addabbo will not give up, however. He said he wouldn’t be the only one pushing for online casino legalization, either. Addabbo committed to pick up the effort again in December by urging Hochul to include iGaming and iLottery in her executive budget in January 2025. Check our 2024 online casino bill tracker to follow the progress.
