New York sports betting nearly reaches $2 billion mark in April

New York state registered a close to $1.97 billion handle in sports betting in April, as reported by the New York State Gaming Commission on Friday. This showcased a 6.2% increase from March, an unusual rise in the industry. The sports betting revenue rose 20.6% to $184 million in April. 

The boost was attributed to the carryover of revenue from the final week of March, which fell on April 1, marking the start of the fiscal year in New York. The handle ranked fourth all-time nationally in the post-PASPA era, solidifying New York's dominance in the top-10 all-time totals.

The April handle witnessed a 27.1% increase from the same period in 2023, with a corresponding surge of 32.1% in revenue. Accepted bets totaling $7.57 billion in the initial four months of 2024 marked a 14.4% increase from last year. The near-9% win rate has resulted in $679.6 million in revenue, reflecting a growth of 21.1%.

With all but $27,220, New York's nine mobile operators contributed to the state's tax collection of $93.8 million. This year's receipts amount to $345.1 million, which surpasses last year's pace by $59.6 million and is on track to surpass $1 billion.

Sports betting giant FanDuel experienced a resurgence with an 11.7% win rate, generating $91 million in revenue from $780.5 million worth of wagers, surpassing $1.8 billion in total revenue in the Empire State.

DraftKings, another heavyweight, saw a staggering 42.7% year-over-year increase in handle, totaling $737 million, with a revenue of $63.2 million for April. It was the fourth time DraftKings had a monthly revenue of more than $60 million in the past eight months.

Meanwhile, Caesars witnessed a decline in market share with its handle of $158.8 million representing an all-time low of 8.1% of the total mobile handle. Despite clearing $400 million in total revenue, Caesars' 5.6% win rate was notably lower compared to the previous month.

BetMGM recorded a handle of $130.2 million, marking its highest since reaching $142.2 million in April 2022, and ranking fourth overall. With a 7% hold, it garnered $9.1 million in revenue, also ranking as the fourth-best performance in the marketplace over the past 28 months.

The introduction of Fanatics Sportsbook in New York yielded positive results, with $5.6 million in revenue, marking an all-time high when also accounting for figures from predecessor PointsBet, and a 7.5% hold. BetRivers' performance remained steady month-over-month, with a slight increase in handle but a dip in revenue.

The first week of this month ending May 5 accounted for a handle of $484.1 million for the nine mobile operators, as per the NYSGC. The number cracked the bottom of the top 10 all-time out of 122 weeks of reporting. However, operator revenue fell 41.5% to $23.1 million, and the hold was nearly halved week-over-week, dropping to 4.8%.