Near Record Month for New York Sportsbooks

The amounts being gambled in New York are again on the increase. Now it seems that the opening of a new casino may be sooner than expected.

March saw $1.64bn in wagers placed say the New York State Gaming Commission. That’s just $0.03bn behind the record seen in the opening month of January. It’s up 7.2 per cent though from the $1.53bn seen in February.

There was an average of $52.8m in bets made each day in March. That was just below the $54.6m in the previous month when of course there were only 28 days
It was a good month for sportsbooks when it came to gross revenue. The figure for March was $114.3m and that was up 38.7 per cent from February. Operators receive $56m in revenue with the happy taxman in New York getting $58.3m.

It had been a long process to legalize mobile sports betting in New York. The first three months since legalization has seen $151.7m in tax revenue received.

FanDuel are top of the online sportsbook league table with $673.1m in bets last month. That was $105m more than in March and gross revenue of $58.3m easily beat the $23.2m they won in February.

In second place were DraftKings with wagers of $414.5m but their win was down from $30m to $22.9m. March provided mixed news for Caesars who saw wagers fall by $50m but gross revenue rose by $1.8m.

Figures are likely to fall in the coming months with the NFL season over but the NBA play-offs and start of the MLS season will keep the bets coming.

When the new NFL season begins and the 2022 World Cup takes place, that should lead to even larger figures being recorded.

The NBA playoffs, baseball, and major golf tournaments will keep bettors interested, but we’ll have to wait until football season for similarly eye-popping numbers. Regardless, the state has clearly been the biggest winner so far.”

FanDuel continued to hold the online market lead with $673.1m in bets, which was up from $568.1m in February. Those bets led to a record in gross revenue with $58.3m, more than doubling the $23.2m that the operator won in February.

The past weekend was spent by New York lawmakers approving the state budget. That included agreeing on a $500m minimum licensing fee for those wanting to open new casinos in the New York City area. That’s a figure lower than some experts were anticipating.

The state previously approved seven new casinos to be opened. There are three remaining licenses to be granted with two expected to go to MGM Yonkers and the Resorts World Aqueduct
The Covid-19 pandemic has affected the finances of the state. That led to the sudden change in opinion over legalizing mobile sports betting and aiming to get the new casinos earlier than planned so the application fees, licensing fee and then tax revenues can be received.