New York Sportsbooks Handled $603m in First Nine Days

Midtown Manhattan is seen from the Empire State Building in New York. (Photo by TIMOTHY A. CLARY / AFP)

Online sportsbooks took $603 million worth of wagers during the first nine days of New York’s legal sports betting industry. BetRivers, Caesars Sportsbook, DraftKings, and FanDuel all went live on January 8, ushering in a brave new era for the Empire State. The sportsbooks handled more than $600 million between January 8-16, according to new figures from the New York State Gaming Commission.

It crushed the previous record for the strongest sports betting launch in the United States, suggesting that New York will easily become the number one state for sports betting. Operators earned $48.2 million in gross gaming revenue. New York charges a 51% revenue tax – the joint highest in the country – so it has already earned $24.6 million in taxes after just nine days of trading.

New Jersey currently holds the record for the highest monthly handle, as its sportsbooks took $1.3 billion in October, but New York is on course to break that record before the end of January.

Hail Caesar

Caesars Sportsbook is the early market leader in New York. That is perhaps unsurprising when you consider how impressive its welcome bonus is. It is offering New Yorkers up to $3,300 in bonus cash in a bid to fend off competition from the likes of FanDuel and DraftKings.

New customers get $300 in bonus funds as a reward for signing up for an account. This bonus credit has just a 1x playthrough requirement, and any winnings you earn will be paid in cash. You need to have made a cash deposit before any withdrawals of winnings can be made. Caesars will match your initial deposit up to $3,000. The minimum deposit at Caesars is just $20, so it is a fantastic offer.

As such, Caesars leads the way with a handle of $257.7 million and revenue of $22.7 million so far. However, it is worth pointing out the $22.7 million in gross gaming revenue, pre-promotional spend, so it is likely to have been wiped out by the money Caesars has invested in bonuses.

FanDuel was second, with $200.4 million in the handle and $14.1 million in revenue. DraftKings was next, with $134.4 million taken and $10.9 million in revenue. Finally, BetRivers accepted $10.6 million and kept hold of $446,696.

A Great Sports Weekend

The New York State Gaming Commission is encouraged by the figures. “We have been pleased with the handle, which indicates interest in mobile sports wagering and accessibility to the licensed providers,” said the commission in a statement. “It’s going to be a great sports weekend capped off by the Buffalo Bills playing in Kansas City on Sunday night.”

State Senator James Addabbo, who led the lobbying efforts for online sports betting in New York, was also pleased, saying that all New Yorkers will benefit from the tax revenue. “With it being in New York, there’s significant revenue, educational funding, jobs, $6 million in new funding for addiction programs, $5 million in new funding for youth sports throughout the state,” Addabbo said.

“So even if you’re not into mobile sports betting, if you don’t like sports at all, you’ll probably benefit from this at some point.” “These are great numbers. It’s a solid start and we have the National Football League playoffs and the Super Bowl coming up.”