According to analysts from PlayNY.com - which tracks developments in the New York gaming market - the state’s online sportsbooks accepted more than $1.5bn in wagers in February. The total is down 12% from the US record $1.7bn in wagering in January 2022.
Online sportsbooks averaged $54.6m in bets per day over the month’s 28 days, down from $69.6m per day over the 24 days of betting in January. Such sportsbooks won $82.4m in gross revenue from February’s bets, down from $124.1m in January.
“As big as the Super Bowl is, it is still just one game,” said Mike Mazzeo, Lead Analyst for PlayNY.com. “And a slowdown in the immediate aftermath of the game is to be expected everywhere. The mild pullback won’t last long, though. The NCAA Tournament is the nation’s largest sports betting holiday, and that presents a huge customer acquisition opportunity for sportsbooks.”
FanDuel led the online market in February with $568.1m in bets, generating $23.2m in gross revenue. This was followed by DraftKings with $387.6m in wagers and $30m in gross revenue. Caesars meanwhile reported $323.4m in wagers, and $19.8m in gross revenue.
“A modest pullback was expected in February, and it shouldn’t diminish what we have seen so far in New York,” said Eric Ramsey, an Analyst for the PlayUSA.com Network, which includes PlayNY.com. “In less than two months, New York sportsbooks have generated more than $3 billion in wagers. That is a result that would have been difficult to fathom before January.”
