As the first year of legal mobile betting comes to a close, the Empire State emerges victorious, securing the top position for sports wagering in the country.
- New York takes pride in being the leading jurisdiction for sports wagering in the United States.
- A total of $15.9 billion was processed in mobile sports betting.
- Fanduel dominates the market, having captured a staggering $6.4 billion.
Legal mobile sports betting in New York has been introduced only a year ago. Surpassing states like New Jersey, the state managed to amass a remarkable total handle of $15.9B within a month, from January 8 to December 25, 2022.
The figures are quite impressive.
The state of [state name] not only surpassed $1.3 billion in gross gaming revenue (GGR), but also declared $680 million as tax revenue. It is worth noting that these impressive figures were achieved by just 9 sportsbooks, in contrast to the 12 or more sportsbooks operating in New Jersey.
Fanduel is the top player in the market, boasting a handle of approximately $6.4 billion and generating almost $650 million in GGR. DraftKings secures the second position with a handle of $4.5 billion and GGR of $354 million, while Caesars Sportsbook holds a handle of nearly $2.8 billion and GGR of $214 million.
The sports betting tax rate of 51% imposed by the state has sparked intense debate.
What Awaits Us in 2023
This year, the iGaming market is poised for growth as three new retail licenses are granted. The state has already initiated the bidding process, setting an asking price of $500 per permit. This move is potentially aimed at reducing the excessively high 51% tax rate, which currently stands as a record.
