New York nearly reaches the $2 billion mark in sports betting handle for April

In April, New York’s sports betting nearly reached a historic $2 billion handle, with a reported $1.97 billion in bets. This was the fourth instance of the state almost hitting this benchmark. The month’s betting handle saw an unusual increase of 6.2% from March, and a 20.6% jump in revenue, totaling $184 million, thanks to the inclusion of late March earnings due to the fiscal year beginning on April 1.

New York continues to be a leader in sports betting, with its April handle ranking fourth in the nation since the repeal of PASPA, and its revenue also taking the fourth spot. The state has eight of the top-10 monthly operator winnings, with New Jersey and Ohio each having one.

Year-over-year, April’s handle rose by 27.1%, and revenue surged by 32.1%, driven by a 9.3% hold. The cumulative bets for the first four months of 2024 amounted to $7.57 billion, a 14.4% increase from the previous year, generating $679.6 million in revenue, up by 21.1%.

New York collected $93.8 million in taxes, primarily from its nine mobile sports betting operators. The year-to-date tax revenue of $345.1 million has already exceeded last year’s by $59.6 million, on track to surpass $1 billion, doubling the initial estimates made when sports betting apps launched in January 2022.

FanDuel led the market with an 11.7% hold, earning $91 million from $780.5 million in bets, pushing its total New York revenue over $1.8 billion. DraftKings saw a 42.7% increase in handle year-over-year, reaching $737 million, with an 8.6% hold resulting in $63.2 million in revenue for April.

Caesars experienced a dip in market share, with an 8.1% contribution to the total mobile handle and a 5.6% win rate. BetMGM had its best performance since April 2022, with a $130.2 million handle and $9.1 million in revenue.

Fanatics Sportsbook, in its first month, set a record with $5.6 million in revenue and a 7.5% hold. BetRivers showed stable performance with a slight increase in handle to $67.1 million and $3.3 million in revenue.

In the first week of May, the nine mobile operators took in $484.1 million in bets, with DraftKings leading at $217.2 million despite a 3.2% hold. FanDuel accounted for over half of the $23.1 million in operator winnings, and Fanatics Sportsbook’s handle helped push the total above $1 billion, including PointsBet’s contributions.