Empire State sports betting win soars in January

February 12, 2024 1:25 PM
Photo: Shutterstock
  • David McKee, CDC Gaming Reports
February 12, 2024 1:25 PM
  • David McKee, CDC Gaming Reports

Despite just a nine percent increase in money wagered, winnings by online sports books in New York state soared 42 percent last month. One factor was the high hold (10.8 percent), helping operators score revenue of $211.5 million.

It’s unclear whether the improved operating margin was also driven by lower promotional spending. Operators in New York aren’t required to disclose those amounts.

Bettors wagered $1.96 billion in January. This worked to the benefit of both DraftKings and FanDuel. The former’s revenue climbed 17 percent from December, while the latter’s was up nine percent.

FanDuel led all comers with $109.2 million of winnings, a 33 percent gain over 2023. DraftKings was second with $71 million in revenue, a 78 percent vault from the previous January. Caesars Sportsbook slipped nine percent to $13.6 million.

BetMGM climbed 39 percent to $10 million, even though its share of the handle declined a percentage point year over year. Caesars was down three share points, while FanDuel and DraftKings grew by three share points and one point, respectively.

Among the smaller operators, Fanatics’s revenue of $2.6 million was a drop of 16 percent (when the site operated under the PointsBet brand), while BetRivers netted $3.5 million, an 82 percent improvement. WynnBet made $400,000 in one of its last remaining strongholds (along with Nevada and Michigan). Coming off a lengthy hiatus, BallyBet grossed $400,000 and Resorts World did double that amount in revenue.