New York Registers Impressive February Figures But Misses Own Record

Punters in the Empire State have certainly taken to its fledgling sports wagering market. Initially cast in the shadows by neighbours New Jersey, New York has risen from strength-to-strength since the inception of its betting industry earlier this year. In January, it set the record for the highest ever monthly handle in U.S history, tipping the scales at a colossal $1.7bn.

However, this number has dipped slightly moving into February, despite the month having an additional four days of trade. Indeed, January’s figure was all the more astonishing when you consider this was delivered over a 24-day period.

Nevertheless, February’s data still stacks up well. Sportsbooks in the state presided over an online handle of $1.53bn. Furthermore, it hit $54.6m per day in average wagering, and delivered a gross gaming revenue of $82.4m. Given New York’s staggering online taxation rates, this saw $42m being re-directed to the state’s central fund. However, there is increasing legislative activity which attempts to reduce this huge tax levy on sportsbook operators.

Not that these firms are exactly struggling. Giants FanDuel emerged victorious in the battle of the sportsbooks, taking an eye-watering $568.1m in wagers during February, stealing the top-spot away from inaugural high-flyers Caesar’s.

Indeed, it was a disappointing month for the Reno-based enterprise, with handle declining dramatically. In January, Caesar’s saw $624.7m process through its books, come February, this had plummeted to $323.4m.

However, it was another solid month for the vast majority of New York’s operators.

With the NCAA tournament and the re-launch of baseball imminent after a protracted pay dispute, the Spring looks set to be another superb period for a marketplace currently enjoying exponential growth.