NFL kickoff fuels New York sports betting

September 20, 2023 12:01 PM
Photo: Shutterstock
  • David McKee, CDC Gaming Reports
September 20, 2023 12:01 PM
  • David McKee, CDC Gaming Reports

Online sports wagering in New York state exploded during the inaugural week of National Football League games. The amount won by operators on sports betting during the week ending September 10 vaulted 74 percent, reaching a pre-tax $56.6 million from a handle of $416 million.

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The increase in money wagered was 26 percent. The amount held by online-sports-betting (OSB) providers was at a 13.6 percent clip, according to J.P. Morgan analyst Joseph Greff. Since the New York Gaming Commission does not include Monday in its calculations, the initial Monday Night Football contest between the Buffalo Bills and New York Jets wasn’t figured into the outcome.

FanDuel dominated the Empire State market in both handle ($195.5 million) and revenue ($32.3 million). DraftKings saw $138.9 million in wagers and $16.4 million in winnings. While both of companies experienced dramatic, and sometimes exponential, increases in both handle and revenue, Caesars Sportsbook was comparatively flat compared to Week One of 2022, its handle $40.9 million and its revenue $4.4 million.

Rounding out the top four was BetMGM with a $2.3 million win on a handle of $22.1 million. Other companies participating were Fanatics (formerly Points Bet) with winnings of $500,000 and BetRIvers ($900,000). Resorts World reported no revenue on $1.3 million in handle and BallyBet realized neither handle nor win. WynnBET saw $2.5 million in wagers, but lost $200,000.

Promotional outlays were not reported. The winnings of New York state online operators are taxed at 51 percent.