New York Sports Betting Hits Historic Highs in January 2024
New York sportsbooks have set the stage for an unprecedented year, starting 2024 with record-breaking revenues and betting handles in January, highlighting the state’s booming sports betting sector.
A Stellar Start to 2024
New York’s online sports betting scene has outdone itself yet again, launching into 2024 with almost $2 billion in bets placed in January alone. This impressive figure, although slightly below the previous three months’ over $2 billion handles, still marks the fourth-highest total since the state’s online sportsbook inception in January 2022. The 8.5% increase compared to January 2023 underscores the sustained growth and enthusiasm in New York’s betting landscape.
The real headline, however, is the staggering $211.5 million in gross gaming revenue, a first for New York to cross the $200 million threshold in a single month. This 29.3% year-over-year increase not only shatters previous records but also translates into a historic $107.9 million in state tax revenue, further emphasizing the lucrative impact of sports betting on state finances.
FanDuel Leads the Pack
Dominating the market, FanDuel Sportsbook NY reported a monumental $867 million in bets, marking its third-best month and continuing a trend of exceeding $800 million in handles for the fourth consecutive month. With $109.2 million in revenue, January 2024 stands as FanDuel’s most profitable month in New York, illustrating its leading position in the state’s sports betting ecosystem.
Other key players like DraftKings Sportsbook NY and BetMGM Sportsbook NY also saw their best months in terms of revenue, with DraftKings pulling in $70.97 million and BetMGM hitting the $10 million mark. PointsBet Sportsbook NY celebrated its best performance since January 2023, with substantial increases in both handle and revenue.
Bally Bet’s Remarkable Growth
Bally Bet Sportsbook NY, though smaller in scale, made significant strides with a record $9.4 million in bets and its highest monthly revenue yet. This achievement is particularly noteworthy considering its past performance, with January’s revenue accounting for nearly half of its total since beginning operations.
Commentary: New York’s Sports Betting Surge
The exceptional start to 2024 for New York’s sportsbooks not only highlights the state’s thriving betting market but also reflects the growing acceptance and integration of sports betting in mainstream culture. The record revenues and tax contributions from this January set a promising tone for the year, showcasing the potential for further growth and the positive economic impacts of legalized sports betting. As operators continue to innovate and engage bettors, New York’s sports betting landscape seems poised for continued success and expansion.
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