New York Sets Record with Over $40 Billion in Mobile Sports Betting
Date: 2024-03-23 Author: Dima Zakharov Categories: SPORTS BETTING
New York Surpasses $40 Billion in Mobile Sports Betting
New York's mobile sports betting handle reached an unprecedented milestone, surpassing $40 billion since its launch. The state's gaming commission reported an impressive $445.3 million worth of wagers for the week ending March 17, marking a remarkable achievement within 115 weeks since the inception of sports betting apps in January 2022.
Empire State Joins Elite Club
New York now stands alongside New Jersey as one of the few states to achieve the $40 billion benchmark since the expansion of sports betting on a state-by-state basis in 2018. Nevada remains close behind, with a gap of only $1.5 billion as it awaits its February report.
Dominance of Digital Operators
The success story extends to the digital operators, with a collective 9% hold and total operator revenue surpassing $40 million for the sixth time in nine weeks. FanDuel emerged as a frontrunner, contributing over half of the total revenue with a remarkable $21.3 million, crossing $200 million in revenue for the year 2024.
Dominance of FanDuel
FanDuel's dominance in the Empire State's mobile betting space continues unabated, claiming more than 40% of the market share since its launch. With a consistent hold above 10%, FanDuel has been a driving force behind the state's impressive betting figures.
Notable Performances
DraftKings and Caesars Sportsbook also made significant contributions, with DraftKings securing over 25% of the weekly winnings and Caesars Sportsbook clinching the final podium spots for revenue and handle. Despite initial setbacks, operators like BetMGM and Bally Bet showcased resilience with notable revenue figures.
Future Prospects
As the industry continues to evolve, with significant acquisitions and expansions on the horizon, New York's mobile sports betting sector is poised for further growth and innovation. With a diverse array of operators vying for market share, the landscape promises continued excitement and competition in the coming months.
