Dec 12, 2021; Inglewood, California, USA; A detailed view of  a New York Giants helmet at SoFi Stadium. Mandatory Credit: Kirby Lee-USA TODAY Sports

New York sports betting shatters records

Despite launching a week into the month, the state of New York has smashed the sports betting record for month handle in January.

During the first 23 days sport betting was live in New York in January sportsbooks took in $1.625 billion in sports betting handle. That easily surpassed the previous record for monthly handle of $1.3 billion set in New Jersey in October, 2021.

Why New York sports betting shatters records

The New York sportsbooks reported a seven percent hold from the record handle which amounted to just under $113 million in revenue. That led to a large haul for the New York tax collector who took in $57.6 million in January from sports betting.

During the first month of sports betting in New York three sportsbooks dominated the overall handle accounting for 91 percent of all bets placed. Those three sports books were Caesars Sportsbook, FanDuel Sportsbook, and DraftKings Sportsbook. Caesars led the way with $615.5 million, followed by FanDuel with $501.7 million, and DraftKings with $367.6 million.

Rounding out the rest of the Sportsbook in New York in January were BetMGM with $78.1 million, BetRivers with $32.4 million and PointsBets with $29.4 million. To be fair BetMGM and PointBets got a late start on the competition as both launched later in the month than Caesars, FanDuel, DraftKings, and BetRivers.

Legislators who were involved in brining sports betting the state were obviously thrilled with the early returns. Senator Joe Addabbo who was one of the supporters that helped bring sports betting into the state said in a statement;

“When we brought mobile sports betting to New York, we had confidence it was going to be a success, but to be able to break the national record of total handle for sports betting in a single month in our very first month, with primarily only six sportsbooks, is both rewarding and exciting. Breaking this record proves that New York was ready for mobile sports betting and we are providing our state with a new revenue, educational and addiction funding source. It also can give us an indication of where we go from here, especially with the Super Bowl within our sights.”

The sports betting pie will be divided up a little bit more in February following the launch of WynnBet in New York last week. That division will continue with the eventual launch of Resorts World Bet and Bally Bet. Resorts World is reportedly looking to launch as soon as possible, while Bally Bet’s launch won’t happen until sometime in April.