The latest numbers are in for New York. They are impressive, to say the least.
Various top sportsbooks are continuing to thrive in New York where online sports betting launched on January 8.
The betting market is strong enough in the Empire State to produce some figures that are really entertaining to look at.
Besides providing entertainment, I hope that these figures proliferate hope as the legal sports betting industry grows in terms of places where legal sports betting is accessible and in terms of places where online sports betting is also available.
It is well-established — and not just by the figures in New York — that mobile sports wagering is a lucrative addition to land-based or retail wagering.
Through February 27
New York has updated its sports betting figures through February 27 — that is: through all of February except the last day (February only has 28 days).
From February 1 through 27, sportsbook operators in New York saw their handle reach $1.491 billion. In the final week, February 21-27, the mobile sports betting handle in the state was $350.3 million.
Extending back before February, New York’s mobile sports wagering handle has exceeded $350 million in seven straight weeks.
Great for the State
Sports betting is not simply an industry that benefits adrenaline junkies, thrill-seekers, money-grabbers, or whatever other pejorative you can think of to describe sports bettors with.
Even the most stupidly cynical opponent of sports betting has to see the benefit that it brings the state.
In the case of New York, sportsbook operators had to pay over $40 million in February.
Needless to say, a state can do a lot of things with 40 million dollars.
Sportsbooks
Online sports betting sites are thriving in this state.
Above all, FanDuel is doing well. FanDuel easily leads all sportsbooks in New York in terms of handle. This one sportsbook enjoys 36.4 percent of the revenue.
To be specific, through February 27 in New York, FanDuel has $131,988,617 in handle and $10,438,399 in revenue.
For comparison’s sake, in the same span of time, Caesars Sportsbook, which is also doing very well and is even surpassing BetMGM by a good margin, collected $68,267,344 in handle and $7,357,054 in revenue.
Outlook
March Madness is just around the corner.
While some New York collegiate teams are a bit disappointing, it’s really cool for New Yorkers that first- and second-round games will be played in Buffalo.
This location and this entire sports betting event, one of the most exciting of the year, will further stimulate the sports betting landscape.
