The New York State Gaming Commission has announced the sports betting totals from January, and the state set another record with a massive haul. This latest month of sports betting proves that $2 billion in monthly handle could soon be within reach, and March might be a perfect time.
The total sports betting handle for the month of January in New York was just shy of $1.8 billion, shattering the previous record of $1.69 billion. January 2022 was the first time that online sports betting launched, and that was the previous record until last month.
Not only did New York establish another new record, but the state has also recorded the eight highest monthly handle totals of all time. There are only a couple of states that have ever gone over $1 billion in just one month, but that’s a regular occurrence in New York.
The total sports betting handle wasn’t the only record set in New York, as it was also a huge month for both total revenue and tax revenue. New York sportsbooks posted a total revenue of $149.4 million, and the state brought in $73.2 million in tax revenue.
FanDuel Sets the Tone
The report from the NYSGC also broke down the numbers for each individual sportsbook, and the same sportsbook was back on top yet again. FanDuel Sportsbook is the online market share leader in the United States, and it has been putting up big numbers in the state of New York.
The total sports betting handle last month in New York was $726.7 million, and that was well ahead of DraftKings Sportsbook at $593.4 million. Those two sportsbook operators not only had the biggest months in the state, but they also had the biggest months ever for those operators.
New York is a state with some great sports betting operators that are accepting wagers, but the rest can’t seem to keep up with the two biggest names. PointsBet Sportsbook did have another big month in January as well, as that state set a new individual record.
Super Bowl Betting Sets Records
The Super Bowl is always an event that attracts a ton of sports betting wagers, but early reports indicate that records were set during Super Bowl 57. GeoComply has released the date from the Super Bowl, and it’s a company that tracks unique logins during the Super Bowl.
According to GeoComply, there were over 100 million different check-ins during the Super Bowl, and New York had the most, with nearly 14 million of them. It won’t take long for the Super Bowl betting numbers to come in for New York, and they should be impressive.
New York won’t set another record due to February being a shorter month, but there will be some significant numbers reported.
Projections Might Come True
When New York Governor Kathy Hochul gave her budget projections for Fiscal Year 2024, many people were stunned at what she projected for legal sports betting. According to those projections from Governor Hochul, she believed that the state could bring in close to $900 million in tax revenue for the year.
After a record-setting $76.2 million for the month of January, people are now thinking that the projections for the year might hit. New York has seen at least $70 million in tax revenue for five straight months, but it will still have work to do if it is going to get to $900 million.
One thing that continues to help the numbers in New York is the fact that there is a tax rate of 51% in place for all sports betting revenue.
