New York sports betting continues boom with $2.4bn in first five weeks

Caesars Sportsbook remains the state’s leader with a 45.8% market share.

Despite worries about high taxes, the launch of sports betting in the Empire State continues to be a success. As the state approaches five weeks since launch, sports bettors have wagered $2.4bn. 

These impressive numbers, which may dwindle in the coming months once operators’ marketing push ends, have far surpassed the previous handle record holder, New Jersey. 

One of the key factors in this success is, undoubtedly, Super Bowl LVI, a sporting event unmatched in scope across the United States. Indeed, New York accounted for approximately a quarter of Super Bowl bets. 

One of the main features of New York sports betting is its markedly high tax rates. With its 51% take, sports betting has already raised $80m in state taxes, far surpassing the $49m predicted by state officials. 

Of the operators currently live in New York, Caesars Entertainment has had the most impressive start. Currently, Caesars leads both the revenue and market share charts with $70.5m and 42.8% respectively.

DraftKings follows behind in both metrics, with a market share of 31% and revenue of $47.1m. 

FanDuel comes in third and would have perhaps expected to have a greater market share than 18% one month into the launch of sports betting. The sports betting giant has currently earned $27.5m in revenue from wagering in the state. 

Gaming America recently spoke to Mike Murphy, Founder of BettingUSA.com, on the launch of sports betting in New York. 

While mostly positive, Murphy had a more subdued view of the launch: “New Yorkers flocked to legal sportsbooks in record numbers, but those records are primarily due to the state’s population. The total wagered is far above any other legal state, but New York’s numbers fall back to earth when we consider population.”

Henry Moore

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