new york online sports betting

We knew it was going to be popular, but did anyone know New York online sports betting was going to be this huge?

The New York State Gaming Commission released its first handle and revenue figures for Caesars Sportsbook NY, DraftKings Sportsbook NY, FanDuel NY and BetRivers NY, from Jan. 8 to Jan. 16. As expected, the returns are absolutely gigantic for the Empire State.

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NY Online Sports Betting Already Setting Records

New York online sports betting took in more than $603.1 million in handle during the first two weeks of online sports betting.

The four sportsbooks posted gaudy numbers during the two weeks, with Caesars Sportsbook leading the charge in total handle.

  • Caesars Sportsbook: $257.7 million
  • FanDuel Sportsbook: $200.4 million
  • DraftKings: $134.4 million
  • BetRivers: $10.6 million
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In terms of gross gaming revenue, the four sportsbooks produced a total of $48.1 million. With New York’s sports betting tax rate at 51%, the state has already take in more than $24 million in taxes.

  • Caesars Sportsbook: $22.7 million
  • DraftKings: $10.9 million
  • FanDuel: $14.1 million
  • BetRivers: $446,696

The most any state has taken in for a full month in sports betting taxes was Pennsylvania at $21.6 million in November.

NY BetMGM on the Way

New York will end the month even stronger with yet another weekend of NFL playoff games and a fifth sportsbook, BetMGM, that launched on Monday, Jan. 17.

BetMGM CEO Adam Greenblatt recently said the sportsbook’s launch in New York set records for the company. 

“I’m delighted with how it’s gone. We’ve broken all of our records. It was the best first day of any live launch. We broke records for most registrations, for most first time depositors, for deposits, for most for bets, for handle, and what I found particularly pleasing was our technology performed flawlessly in line with our expectations, notwithstanding the volume,” Greenblatt said.

It will be very interesting to see the final revenue reports for the month of January when all five NY sportsbooks are at full capacity.

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Covering regulatory developments in online gambling throughout this fine country.