New York Caps Largest Single-Month Handle In U.S. History

• In the first month with mobile sportsbooks available in New York, the state brought in over $1.6 billion in sports betting revenue and over $112 million in revenue.
• As a result, New York has become the largest sports betting market in the United States and surpassed established giants like New Jersey and Nevada in just the first-month post-launch.

ALBANY, N.Y. – In just one month, New York’s sports betting market has solidified its position as the top sports betting market in the United States.

This comes after an incredibly successful launch of mobile sports betting in January.

New York Enjoys Successful First Month With Mobile Sportsbooks

When New York launched the first of their mobile sportsbooks on January 7, many expected to see impressive handle and revenue figures, but few predicted such a strong performance out of New York’s mobile sportsbooks right out of the gate.

Regardless of expectations, New York’s legal sports betting market has launched itself into the position of the top sports betting market in the nation in just thirty days.

According to data released by the New York State Gaming Commission, New York’s sportsbooks turned over a whopping $1,624,919,978 in sports betting handle in the first month after launch.

This is the largest single-month sports betting handle on record in any state. With over $1.6 billion in handle on the month, the state’s sportsbooks brought in $112,999,078 in gross gaming revenue.

Sportsbooks in New York are subject to a 51% tax on sports betting revenue, meaning the state took in nearly $58 million in sports betting tax revenue on the month.

Strong Start Sets New York Up For Success

New York’s strong handle and revenue figures for the month can be traced back to the first two days after launch. In the first calendar week post-launch (which included January 7, 8, and 9), the sportsbooks turned over $171,298,257 in sports betting handle.

To put this in perspective, this is a larger handle (generated in just three days) than 12 legal sports betting jurisdictions turned over in the entire month of December.

During the first full week of operational online sports betting, New York’s sportsbooks brought in $431,755,579 in handle. New Yorks’ best week thus far was the third week of January, when sportsbooks brought in their single-week record of $572,552,146 in sports betting handle.

The state wrapped up the month on a strong note as well, bringing in $449,313,997 in sports betting handle for the week ending on January 30.

However, despite turning over a larger handle in the final week of the month than in week two, gross gaming revenue was down over $13 million.

New York sportsbooks will look to reverse that trend as they head into their second month with operational online sports betting.

New York Beats Out Established Industry Titans

Nevada has long been considered the cornerstone of the American sports betting and gambling industry, and for good reason – for many years, sportsbooks in Nevada were the only destinations for Americans who wished to participate in legal sports betting, and the state subsequently racked up over 200 licensed sportsbooks.

As a result, Las Vegas is now synonymous with sports betting in the American lexicon. However, with the proliferation of legal sportsbooks throughout the United States in the late 2010s and early 2020s, Nevada has seen its grip on the sports betting industry loosen considerably.

New York’s mobile launch seems to be another straw on the proverbial camel’s back – the Empire State’s sports betting handle was more than any single month on record in Nevada.

New York’s revenue figure for the month was more than Nevada’s combined sports betting revenue for November and December.

Even before New York’s mobile sportsbooks came along, another state was coming for Nevada’s status as America’s sports betting mecca: New Jersey.

New Jersey was instrumental in the Supreme Court’s overturning of PASPA in 2018 and has a ravenous appetite for sports betting. As a result, NJ has averaged over $500 million per month in sports betting handle since its launch.

In 2021, New Jersey officially overtook Nevada as the largest sports betting market in the United States by stringing together four consecutive months with over $1 billion in sports betting handle.

However, New Jersey’s run as the nation’s top sports betting market was short-lived, as New York’s mobile launch led to the state breaking New Jersey’s handle record.

It is highly unlikely New Jersey can compete with New York’s sportsbooks going forward. While the huge disparity between New York and New Jersey’s population and GDP will certainly factor into this, there is another aspect that should cement New York’s dominance over New Jersey – their proximity.

Much of New Jersey’s sports betting prowess before New York’s launch can ironically be attributed to New Yorkers. Without mobile sportsbooks in place, New York residents were hopping over the border to place their wagers before returning home to New York.

While this situation helped New Jersey reach the pinnacle of sports betting in America for a short time, New York’s mobile launch should curtail this phenomenon, leading to decreased revenues in New Jersey.

Barring unanticipated circumstances, New York should remain the United State’s top sports betting market for the foreseeable future. With more sportsbooks in New York launching every week and promotional spending likely beginning to dwindle, sports betting in New York is set to be the envy of the United States sports betting industry for a long while.

News tags: Las Vegas | Nevada | New Jersey | New York | New York State Gaming Commission | PASPA