New Yorkers bet a staggering $1.96bn on sports betting in April
Bettors in New York spent $1.96 billion on online sports betting in April which is one of the highest monthly… Continue reading New Yorkers bet a staggering $1.96bn on sports betting in April
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Bettors in New York spent $1.96 billion on online sports betting in April which is one of the highest monthly figures the state has seen since the market was legalized in January 2022.
According to publisher iGaming Business, this figure is 27.3% higher than in April last year and up 6.0% from March of this year.
The gross gaming revenue from sports wagering totaled $183.8 million, up from the last April and March 2024.
This figure isn’t the highest however as New Yorkers bet $2.11 billion in November 2023, but the figures show continued growth for the region. This has been reflected in the Quarterly Survey of State and Local Tax Revenue which shows that New York is the largest contributor to sports betting tax.
As for the companies that operate in the area, FanDuel took the biggest slice of the pie as the operator posted $91.0 million in revenue of $780.5 million in April.
Second to Flutter Entertainment-owned FanDuel is DraftKings which reported revenue of $63.2 million and a $737.0 handle. Caesars followed, as well as BetMGM and then Fanatics.
New York only a few years into legalized online sports betting
It was in January 2022 when New York opened its legal online sports betting market under the New York Gaming Commission.
The Commission started by allowing Caesars Sportsbook, DraftKings, FanDuel, and Rush Street Interactive to accept mobile sports bets.
This legalization came many years after the ban was first enacted when the Professional and Amateur Sports Protection Act (PASPA) made it illegal for people to place either in-person or online bets from 1992 onwards.
Since that was overturned in recent years, New York has become one of the most dominant sports betting markets in the US.
According to the quarterly survey, New York contributes over 37% of the total tax revenue generated by sports betting in the United States.
Featured Image: Photo by Luca Bravo on Unsplash
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