Published
FinancialIndustry

New York April: $1.4bn mobile sports betting... but just $51m revenue after tax

New York’s online sportsbooks slowed to less than $1.4bn in wagers this April. Despite still representing a mammoth figure, this is the lowest recorded figure since New York launched online sports betting in January. 

NEW YORK SMONEY gi web image
Listen To Article

The $1.4bn handle was down 15% from March, and below the $1.5bn gathered in February.  

Online sportsbooks averaged $46.4m in wagers per day for April, down from $52.8m in bets per day for March.  

Gross revenue was also down 9%, with sportsbooks winning a total of $104.1m. Of these winnings, $53.1m was taken in tax revenue – over half of the total takings for April.  

This is a staggering tax figure and highlights the incredibly high tax rate in New York’s newly regulated market. Equally, the remaining $51m does not account for heavy bonusing and marketing costs.

FanDuel accounted for 43% of the online market share, taking $599.5m in bets, down from $673.1m in March.  

This handle produced $63.6m in gross revenue, up on second-placed DraftKings, which won $19.6m on bets placed with the operator. 

DraftKings took $327.1m in wagers, equivalent to 24% of the month’s online volume.  

PlayNZ analysts believe the focus of the sports betting market in New York will now shift, given the NFL is in the off-season.

Golf and baseball look set to be the sports given a marketing push, especially with data suggesting both tend to be more profitable per dollar bet for sportsbooks.  

Online gaming market analyst Eric Ramsey commented on the latest figures: “After an interesting first few months, New York’s industry is settling into a familiar pattern, with FanDuel and DraftKings dominating the sports betting market. 

“FanDuel, in particular, continues to invest heavily in its home state and that effort is paying off with a market share north of 40%.” 

Premium+ Connections
Premium

Revsharks

 
Premium

1xBet Partners

 
Premium

GammaStack

 
Premium

RISK

 
Premium

Galaxsys

 
Premium

PIN-UP Partners

 
Premium

Imagine Live

 
Premium

Digitain

 
Premium

Sport Generate

 
Premium

Lynon

 
 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
Zeal Network SE

Stefan Tweraser

VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

Social & App

Spribe CEO exclusive: Simplicity is the foundation

Spribe CEO David Natroshvili speaks to Gambling Insider abou...

Redefining iGaming: A history of crash games

Crash games is a growing vertical that has taken gambling by...

A certain something: What makes crash games special?

Crash games. They’re simple, they’re easy to learn and,...

Smarter innovation to shape the future

Spribe CCO Giorgi Tsutskiridze discusses the past, present a...

Facing Facts: The corner of quarterly contemplation

With Q1 reports out across the industry, Gambling Insider co...

Taking Stock: A guide to key stock prices across the industry

Gambling Insider tracks prices from some of the industry’s...

15 years of Gambling Insider: From the Founders

Over the last 15 years, Gambling Insider magazine has interv...

15 years of Gambling Insider: The Awards over time

Global Gaming Awards Event Manager Mariya Savova gives us he...