Following the recent legalization and regulation of online sports betting in the state, New York broke the all-time US monthly record for sports betting handle in just 23 days of legal online gambling, when customers wagered a total of $1.63 billion. The sum easily surpassed the $1.3 billion monthly record established in New Jersey in October of last year, and after only 16 days of legal betting, New York had already generated over $1 billion.
The New York State Gaming Commission also stated that gross gaming revenue was $113 million for the 23-day period from January 8 to January 30, even though the major US online casinos still don’t operate in the state.. Figures from Caesars Sportsbook, FanDuel, DraftKings, and Rush Street Interactive, which began operations on opening day, were included in the reporting period, as were BetMGM, which went live on January 17, and PointsBet, which went live on January 25.
Operators reports
Caesars Sportsbook had an early lead, processing more than $600 million in bets and earning $55.9 million in revenue in the first 23 days of legalization. FanDuel – which is owned by Flutter Entertainment, an Irish holding company created by the merger of Betfair and Paddy Power – came in second with over $500 million in handle and $23.6 million in revenue, followed by DraftKings with $367 million in handle and $27.1 million in revenue.
BetMGM accepted almost $80 million in wagers and made $3.2 million in income, with Rush Street Interactive right behind with a $32 million handle and just short of $1 million in revenue.
Finally, PointsBet, which was launched by the end of the reporting period on January 25, handled $32.4 million in wagers and generated $2.3 million in income.
Furthermore, the New York State Gaming Commission continues to issue weekly reports on the state’s newly regulated market. The New York market is expected to expand even further after WynnBet, Wynn Resorts’ online sports betting and casino brand, announced the debut of its online sportsbook in New York, with punters in the state able to bet via its official app on mobile devices or via the company’s website.
Around the country
Following the online gambling legalization from a parish-by-parish referendum in November 2020, the state of Louisiana has finally launched its online sports betting market in late January. And according to geolocation security company GeoComply, the number of unique players in the opening weekend exceeded the numbers recorded in New York on a per-capita basis. In this time frame, 3.4 million transactions took place and GeoComply reported that the number of unique players in Louisiana constituted 3.6 percent of the adult population, exceeding the 3.3 percent recorded in New York.
Sports betting operators in Illinois saw an increase in handle in December 2021, becoming only the third state to surpass the $7 billion mark for a calendar year. Bettors staked over $780 million in the month, which was 60 percent higher than the $491 million wagered in December 2020 but fell short of the record $840.4 million handled in October 2021. With December’s contribution, the state’s total handle surpassed $7 billion, as Illinois joined New Jersey and Nevada as the only states to do so.
In Virginia, punters gambled over $420 million on sports in December, falling just shy of the all-time high. The December result was just 0.2 percent down from the record $427.3 million achieved in October 2021, but it was 6.0 percent higher than the figures recorded in November. However, adjusted gross revenue fell 66.2 percent month-on-month to $10.1 million, the lowest full-month total since the state’s regulated market debuted in January 2021. During the 21 months of legal betting in Colorado, players staked more than $5 billion on sport events, while recent numbers show year-on-year growth in revenue and handling for the month of December. According to the Colorado Department of Revenue, this handle generated over $325 million in income.
Final thoughts
With the continuous legalization and regulation of online sports betting markets across the United States, the online gambling industry is expected to expand even further in 2022, with specialists projecting the online gambling market value to grow to $100 billion by 2026. With such astounding figures, it’s safe to say the iGaming industry has a bright future ahead.
