Caesars, FanDuel and DraftKings share New York online sports betting handle in excess of $1bn in first 16 days
New York’s regulated mobile sports betting operators have handled well over a billion dollars in wagers between market launch (8 January) and 23 January.
According to the latest figures from the New York State Gaming Commission, the 16-day period saw the state’s five live online sportsbook operators (Caesars, DraftKings, FanDuel, BetRivers and BetMGM) generate $91.4m in revenue from $1.18bn in handle.
No figures were provided for sixth licensee PointsBet, which launched in the market after the reporting period on 25 January.
Caesars Sportsbook, which offered promotional bonuses in excess of $3,000 on launch weekend and took an early lead in the market’s first few days has continued to hold onto its frontrunner status.
The Las Vegas-based gaming giant took $487.4m of handle, or 41.5% of the statewide total. It generated $41.8m in GGR, equal to 45.7% of the state’s total mobile sports betting revenue.
FanDuel and DraftKings remained in second and third position, handling $360.0m and $265.5m, respectively. Despite FanDuel’s significant volume lead over its longstanding rival, the $24.2m GGR it generated represented a modest edge over DraftKings’ $21.8m.
The top three operators between them handled $1.11bn in bets over the 16 days, representing 94.7% of all mobile bets taken in the state.
BetMGM, which was the fifth operator to launch in the state on 17 January, took $40.6m in wagers in its first live week in the market, generating $2.5m in revenue.
Despite Rush Street Interactive’s BetRivers brand going live on the market’s launch day, it handled a little over half of BetMGM’s equivalent first-week volume during the period, at just $22.2m. From this, it generated just $1.2m in GGR.
Bally Bet, WynnBet and Resorts World have all been approved for licences but are yet to launch their products in New York. As more operators enter the market, the industry will be watching to see if the Empire State’s initial ‘big three’ will continue to dominate.
Figures published last week showed that Caesars handled 42.7% of all wagers between 8 January and 16 January, a figure which has decreased only slightly to 41.5% when including another week of statistics.
Up until 16 January, FanDuel and DraftKings handled 33.2% and 22.3% of all mobile wagers statewide, respectively. When including the following week, FanDuel’s figure slipped slightly to 30.6%, while DraftKings was able to increase its overall share of betting volume to 22.6%.
Across all live operators, the week between 16 and 23 January was the biggest cash-generating period since the market’s launch, accounting for $572.6m in wagers, or 48.7% of all volume handled since 8 January.
It also represented a week-over-week increase in betting volume of 32.6%, well ahead of the $431.8m handled between 9 and 16 January.
By surpassing the billion-dollar handle mark in just 16 days, the numbers suggest New York will eclipse New Jersey as the US’ biggest sports betting state even faster than anticipated.
New Jersey saw its first billion-dollar month in September 2021, despite its online sports betting market having been live for over three years at that point.