FanDuel first to exceed $100M in monthly revenue

New York achieves record $211.7 million in January sports wagering revenue, FanDuel leads market surge

Reading time 2:03 min

The New York State Gaming Commission has reported a significant milestone in the Empire State's sports wagering market, with a nationwide record-breaking $211.7 million in revenue for January.

This accomplishment establishes the Empire State as the unparalleled leader in sports betting, securing the top positions for monthly handle, operator winnings, and state tax generated. This achievement surpasses the previous revenue record set by Ohio in January 2023, marking New York and Ohio as the only states to exceed $200 million in monthly revenue since the post-PASPA era began in May 2018.

The growth is fueled notably by FanDuel, which became the first mobile sportsbook to exceed $100 million in monthly revenue at approximately $109.2 million.

January's sports wagering revenue in New York represents an 11.8% month-over-month increase and a substantial 41.2% surge from the corresponding period last year. The 10.8% hold significantly surpassed previous figures by over 2.4 percentage points. With a 51% tax rate on operator revenue, New York has become the first state to generate over $100 million in levies within a single month, contributing a total of $107.9 million to state coffers.

Although January fell short of the $2 billion monthly handle benchmark for the fourth consecutive month, it still reflects a noteworthy 9.3% increase compared to the same period last year.

FanDuel dominated the mobile revenue landscape with a revenue share exceeding 51.6%, also witnessing substantial growth in its market handle share from 40.9% to over 44.3% attributed to a notable 19.3% year-over-year increase. The revenue surge, surpassing one-third compared to the first month of 2023, was propelled by FanDuel's win rate, which exceeded the previous year by more than 1.3 percentage points. Contributing significantly to the state, FanDuel's tax bill for January amounted to $55.7 million, pushing its all-time contributions to New York beyond $800 million.

DraftKings achieved an all-time high for winnings, just shy of $71 million, while BetMGM surpassed $10 million in revenue. Caesars maintained its impressive streak of eight-figure revenue totals with more than $13.6 million in winnings.

Other performers in the New York sports betting market include Resorts World, boasting a double-digit overall mobile win rate of 10.8%, WynnBET with a modest profit, Bally Bet setting a record monthly handle of nearly $9.4 million, and BetRivers and PointsBet also contributing to the overall success of the industry.

Here's the performance snapshot of online sportsbooks in the state for January:

  • FanDuel: Secured a total of $867.06 million in bets, yielding $109.17 million in revenue.
  • DraftKings: Handled $664.79 million, resulting in revenue of $70.97 million.
  • Caesars: Recorded $198.0 million in total bets, with revenue reaching $13.65 million.
  • BetMGM: Managed a handle of $118.85 million, generating $10.0 million in revenue.
  • BetRivers: Notched a total spend of $50.13 million, translating to revenue of $3.54 million.
  • PointsBet: Handled $31.70 million, yielding $2.63 million in revenue.
  • Bally Bet: Registered a handle of $9.39 million, with revenue amounting to $425,689.
  • WynnBet: Totaled $8.75 million in bets, generating revenue of $358,497.
  • Resorts WorldBet: Achieved $6.92 million in total bets, resulting in revenue of $752,478.
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