New York Sports Betting Sets Record with $19.64 Billion in 2023

New York’s sports betting market experienced a monumental year in 2023, with players spending a staggering $19.64 billion on online sports betting. This figure represents a huge increase of 19.8% compared to the previous year, solidifying New York’s position as the leading regulated state for online sports betting in the United States. Revenue also reached new heights, totalling $1.76 billion, a remarkable 20.6% year-on-year increase.

In the highly competitive New York sports betting landscape, Flutter Entertainment-owned FanDuel stood out as the clear market leader. During the 2023 financial year, FanDuel processed an impressive $8.10 billion in online wagers, generating $845.8 million in revenue. This success comes as no surprise, as FanDuel has consistently maintained its dominant position since the launch of legal online sports betting in New York in January 2022.

Following closely behind FanDuel is DraftKings, securing the second spot with $619.6 million in revenue from $7.02 billion in bets. Caesars, with revenue of $140.4 million and a handle of $2.03 billion, claimed the third position. BetMGM also made a strong showing, processing over $1 billion in wagers and posting $86.1 million in total revenue.

While FanDuel and DraftKings continue to dominate the New York sports betting market, several other operators are making their mark and contributing to the industry’s impressive growth. Rush Street Interactive emerged as a strong player, leading the chasing pack with revenue of $37.8 million from a $643.6 million handle. Fanatics, which recently replaced the PointsBet brand, posted $23.5 million in revenue from a $361.9 million handle.

Resorts World followed with revenue of $5.5 million and a handle of $79.9 million. Wynn Interactive generated $3.5 million in revenue from $103.7 million in wagers, while BallyBet completed the market lineup with revenue of $1.7 million from $43.7 million in total bets. It’s worth noting that BallyBet paused operations in New York for four months during the reporting period but relaunched in November.

While the New York sports betting market experienced overall growth throughout the year, March saw a slight decline in revenue compared to the previous month. Handle in March increased by 3.4% to reach $1.85 billion, but revenue slipped by 6.8% to $151.7 million as players proved to be more successful. However, on a month-on-month basis, both handle and revenue showed positive growth, with handle increasing by 4.5% from February and revenue increasing by 15.5%.

Once again, FanDuel led the pack in March, generating $73.1 million in revenue from a handle of $781.2 million. DraftKings followed closely behind, with $48.8 million in revenue from $612.2 million in wagers. Caesars secured the third spot with revenue of $13.6 million from $189.4 million in bets, while BetMGM posted $7.8 million in revenue from $125.9 million in wagers. Fanatics contributed $3.8 million in revenue from $53.2 million in wagers, and Rush Street reported $3.3 million off $66.2 million.

The remaining operators in the market also made noteworthy contributions, albeit on a smaller scale. Resorts World generated $714,649 in revenue from $8.4 million in bets, while Wynn Interactive reported $285,923 off $4.2 million, and BallyBet brought in $267,132 from $8.3 million in bets.

The record-breaking figures achieved in 2023 highlight the immense potential of the New York sports betting market. With only two years of regulation under its belt, the state has already surpassed all others in terms of online sports betting spend. As the market continues to mature and evolve, it is expected to attract even more operators and players, further driving growth and revenue.