Betting News: New York Continues to Rake In the Big Bucks
The Big Apple Joined New Jersey as the Only Two States With $3B in Total Revenue for the Month
Insane $$$
Hey, enthusiasts! If you haven’t been keeping tabs on the betting news happening in the Big Apple, you’re missing out on the rollercoaster ride that is New York’s mobile sportsbooks. These bad boys are not just breaking records; they’re demolishing them with the finesse of a wrecking ball in overdrive.
Just last week, the New York Gaming Commission brought to light over $47.5 million in adjusted gross revenue. Hold your horses; that’s just one week! New York joined the ranks of its neighbor, New Jersey, as one of the only states with a jaw-dropping $3 billion in total revenue for the month. And guess what? They did it in just 107 weeks since launching in January 2022. Now, that’s what I call a rocket-fueled takeoff.
Top 10 U.S. states by sports betting $$ wagered, Nov. 2023 (of states reporting so far):
1. New York: $2.12 BILLION
2. NJ: $1.62B
3. Illinois: $1.38B
4. PA: $934M
5. Nevada: $921M
6. Ohio: $865.5M
7. Arizona: $713.5M
8. Massachusetts: $654.4M
9. Virginia: $639M
10. CO: $608.5M— Ben Fawkes (@BFawkes22) January 23, 2024
The recent handle of $490.7 million, fueled by the NFL divisional round playoffs, has sent shockwaves through the betting universe. It marked the sixth-highest weekly handle, making it the fifth time in the last six weeks that New York’s betting action has soared into the top 20 all-time. Are New Yorkers loving it? You betcha! And can you blame them? I mean, who wouldn’t want to place a cheeky bet from the subway on their way to work?
But let’s talk numbers. FanDuel, the undisputed heavyweight champion of the mobile and online gambling world, raked in $25.8 million last week alone. That’s like hitting the jackpot while sipping your morning coffee. And get this–they’re eyeing a historic month with a shot at $100 million in revenue.
Flutter, FanDuel’s parent company, lists on the New York Stock Exchange today under $FLUT.
So Gronk — working the NFC Championship in Santa Clara 11 hours ago — flew across the country to put on a full FanDuel uniform and spike a football on Wall Street.pic.twitter.com/G41SUozfRT
— Front Office Sports (@FOS) January 29, 2024
DraftKings is on the move too, marching steadily toward the coveted $1 billion revenue club. With a solid $15.9 million in winnings last week, they’re giving FanDuel a run for their money. And don’t sleep on BetMGM, holding its ground in the revenue race with a respectable $2.2 million haul.
Now, Bally Bet may have cracked the $2 million weekly handle milestone, but its hold at 1.6% was like a bittersweet symphony–plenty of action, but not as much staying in their pocket. Resorts World is aiming high, eyeing that $500,000 monthly revenue mark.
WynnBET is playing it cool with a sub-4% hold for the sixth straight week, while PointsBet, the underdog in this high-stakes game, had its highest handle since last year’s NFL divisional round. BetRivers, on the other hand, is posting consistent weekly revenue totals, proving they’re no one-hit wonder.
Man, mobile betting has New Yorkers crazy, and who can blame them? Betting online from the subway on the way to work is great. My commute involves three different trains and a brisk walk through rush hour traffic. What else can I do to have some fun, besides dodge rats on the platform?
If you’re not riding this sports betting wave, you’re missing out on history in the making.
For gambling betting news, odds analysis, and more, visit Point Spreads Sports Magazine.
