Wednesday, June 29, 2022
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New York: the US’ flagship market in just 24 days

Caesars leads the early going in New York’s sports wagering arena, after the Empire State instantly became the US’s flagship market after creating history with only 24 days of operation.

New York’s online and retail sportsbooks accepted $1.69bn in wagers in January, including $1.67bn online, after averaging $69.6m in bets per day after going live on January 8.

A total of £124.1m, the most lucrative that the US has witnessed, was generated through mobile entities during the month, which yielded $60.8m in revenue for operators. 

To put the performance into context, Arizona set the record for the highest sports betting handle in a debut month through September with $291.2m.

Furthermore, New Jersey had previously held the record for the highest sports betting volume over any single month with $1.3bn in October, with Nevada joining the Garden State as the only regions to have topped the $1bn barrier of bets over a single month.

“There’s never been anything in US sports betting like New York’s first month,” said Mike Mazzeo, lead analyst for PlayNY

“Launching ahead of the NFL playoffs was no doubt a boost for sportsbooks. But more importantly, the rollout of online sports betting unleashed a tidal wave of pent-up demand in New York.”

Caesars was the highest-grossing online sportsbook in January after generating $58.99m in gross revenue on $627.4m in wagers, which PlayNY analysts report is more than the entirety produced by any one state’s sportsbooks over a single month, except New Jersey, Nevada, Illinois, and Pennsylvania.

FanDuel was second in the state with $517.4m in wagers, which produced $28.1m in gross revenue, followed by DraftKings ($377.95m handle & $29.6m GGR), BetMGM ($82.2m handle & $3.8m GGR), BetRivers ($33.5m handle & $1.1m GGR), and PointsBet ($31.2m handle & $2.6m GGR).

Recent manoeuvers have seen WynnBet launch its mobile app with Resorts World expected imminently, before Bally’s joins the fray in April.

“Caesars and FanDuel won the month, and it has proven difficult to dislodge operators once they are a market leader,” Mazzeo added. 

“But it’s important to remember that New York’s market is still forming, even if it appears it will mature more quickly than most any other market.”

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