New York’s online sports betting record for highest monthly revenue lasted just one full month.
After setting a new profit record at $188.3 million in December 2023, the Empire State surged past that mark in January, with revenue hitting $211.5 million, according to figures from the New York Gaming Commission.
Ohio is the only other legal sports betting state in the U.S. to post a monthly revenue of $200 million.
New York's nine mobile operators thrived during the football season, concluding the NFL's regular season and a few weeks of playoff games with over $160 million in monthly revenue in four of the last five months.
Before that, New York had only reached that amount once.
Handle falls
The amount wagered for in January fell 4.3% month-over-month to $1.96 billion, ending a streak of three consecutive months of $2 billion.
Regardless, the January handle was 9.3% higher than the same month in 2023. The hold of 10.8% to kick off 2024 led to the Empire State filling its coffers with a record $107.8 million in tax revenue, thanks to its 51% cut.
Operators set new highs
FanDuel became the first operator in New York to reach $100 million in revenue in a single month. The online sportsbook brought in $109.2 million in profits off a handle of $867 million, thanks to a 12.6% hold in January.
DraftKings set its all-time monthly high in revenue with $71 million and posted the second-highest handle of $664.8 million in the state. Meanwhile, BetMGM also pulled in a new mark of $10 million of revenue on a handle of $118.8 million.
Caesars had the third-highest January handle in New York at $198 million, but it made revenue nearly $2.2 million less than the month prior. No online sportsbook in New York lost revenue in January, including Bally Bet and Wynn Interactive, which both fell into the red in December.
Wynn’s leaving the Empire State
On Tuesday, PENN Entertainment announced its acquisition of Wynn's New York wagering license for $25 million. Additionally, the company disclosed its plans to launch ESPN BET later this year, pending state approval.
In January, Wynn generated $358,497 in revenue from an $8.8 million handle, marking the second-lowest figures in the state.
It’s been tough sledding to gain ground in the Empire State against stiff competition. Wynn has reached $10 million in monthly handle seven times since entering the New York market in Feb. 2022 and has made around $10.6 million in revenue during that span.
Backed with a recognizable name, PENN’s ESPN BET platform could have better luck cutting into the big-dog operators in the Empire State.
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