New York Banks Another Profitable Online Sports Betting Week

Oct 15, 2023; East Rutherford, New Jersey, USA; New York Jets wide receiver Garrett Wilson (17) reacts after a first down during the first half against the Philadelphia Eagles at MetLife Stadium. Mandatory Credit: Vincent Carchietta-USA TODAY SportsNew York reported its third highest online sports betting handle everThe state took in more than $19 million in online sports betting tax revenueThe New York State Gaming Commission reported $478.16 million in online sports betting handle for the week

You can take New York online sports betting to the bank.

New York continue to log big numbers in the football season. The state reported more than $478.16 million in online sports betting handle for the week ending Nov. 5, the third highest weekly total since the Empire State’s sports betting launch in January 2022. Gross gaming revenue for the week was reported at more than $37.7 million.

Additionally, New York became the first state to ever surpass $2 billion in online sports betting handle for a single month, reporting $2.006 billion in handle for October.

Another Lucrative Week For The Empire State

The $478,161,157 in online sports betting handle is the third highest weekly total ever for the state. The highest week in New York online sports betting history came during its second full week after launching in January 2022, as the state reported $572.5 million for the week ending Jan. 23, 2022.

FanDuel again topped all operators for the week, totaling $215.9 million in online sports betting handle and $20.05 million in gross gaming revenue.

The New York State Gaming Commission releases handle and revenue reports for its eight NY sports betting apps, Caesars Sportsbook, DraftKings Sportsbook, FanDuel, BetMGM, WynnBET, PointsBet, Bally Bet, Resorts World Bet, and BetRivers, at the conclusion of each week.

Here are the handle breakdowns for the nine sportsbooks for the week ending Nov. 5:

FanDuel NY: $215,293,001DraftKings NY: $159,474,876Caesars Sportsbook NY: $46,050,323BetMGM NY: $26,557,883BetRivers: $18,835,234PointsBet: $7,262,117WynnBET: $2,599,111Resorts World: $2,088,613Bally Bet: $0

Fanatics Sportsbook will likely take over the PointsBet New York online sports betting license soon. The New York State Gaming Commission recently gave regulatory approval for the transfer of PointsBet’s online sports betting license to Fanatics Betting and Gaming, setting the stage for the first new sports betting operator in the Empire State since it launched online sports betting in Jan. 2022.

There is no timeline for the transfer of the license.

Bally Bet ceased operations on June 22 while it transitions to Kambi’s sports betting platform. It has launched again in several states, but is still waiting to begin operations in New York.

Here are the total handles for the nine sportsbooks since New York’s Jan. 8, 2022 launch. FanDuel is the only operator in the state to eclipse $12 billion in total handle so far.

FanDuel: $12,722,540,305955DraftKings: $9,955,139,146Caesars: $4,558,376,341BetMGM: $2,354,407,886BetRivers: $912,934,633PointsBet: $692,085,555WynnBET: $189,095,533Resorts World: $114,152,727Bally Bet: $16,370,924

NY Sports Betting Revenues

For the week of Nov. 5, the nine sportsbooks reported a total of $37,785,899 in gross gaming revenue. At New York’s 51% online sports betting tax rate, this resulted in $19,270,808 million in tax revenue.

Here are the total gross gaming revenues for the week:

FanDuel: $20,054,129DraftKings: $10,738,374Caesars: $2,692,129BetMGM: $1,979,481BetRivers: $1,336,923PointsBet: $710,793Resorts World: $183,987WynnBET: $90,083Bally Bet: $0

Here are the total gross gaming revenues since the Jan. 8, 2022 launch:

FanDuel: $1,316,727,549DraftKings: $811,933,174Caesars: $333,770,344BetMGM: $158,209,126BetRivers: $51,556,430PointsBet: $41,987,836WynnBET: $10,623,459Resorts World: $6,729,174Bally Bet: $917,669