With the New York State Gaming Commission (NYSGC) releasing official figures for New York sports betting providers on a weekly basis since launch more than three months ago, one might think the Empire State has left its sports betting neighbors in the dust.
Not so fast.
Here is a closer look, state by state.
NEW YORK
Last week, the NYSGC March report showed the state’s second-highest month in total handle, gross gaming revenue (GGR), net revenue and taxes in its three months of live operation.
Eight of the nine mobile providers that are live generated $1.63 billion in handle, just short of $1.69 billion in January, the state’s first month of legalized sports wagering. (The January mark, remarkably, was achieved from Jan. 8-31).
The mighty March mark was due in large part to the first weekend of March Madness betting (March 17-20), when the Empire State generated more than $427 million.
Four of the providers (Caesars Sportsbook New York, DraftKings Sportsbook New York, FanDuel Sportsbook New York and BetRivers Sportsbook New York) launched Jan. 8. Since then, the state has handled $4.83 billion.
Total GGR in March posted at more than $114.28 million, second only to January’s $124.14 million. Over three months, the state’s GGR is more than $297.5 million.
Taxes to Albany were $58.28 million, second to January’s $63.31 million. In the first three months of operation, the state has been rewarded with $163.61 million.
April, of course, will reflect the Masters and start of New York baseball betting season, among other sports and events.
To say that is an incredible first three months for a state to have a new revenue generator is an understatement, but the thought among many was New York would leave other states reeling, especially its neighbors (Connecticut, New Jersey and Pennsylvania).
Is that true? Again, state by state.
NEW JERSEY
The Garden State did see a slip up in February, but probably will rebound when March numbers are released next week.
For the previous five months, New Jersey handled in excess of $1 billion. However, for the month of February, the Garden State’s total handle was $985.57 million, down 26.9% from its state record $1.349 billion in January and up 32.7% from $742.95 million from Feb. 2021.
Mobile sports betting handle, which represented 91.3% of the sports betting market, was down to $899.63 million, a decrease of 25.6% from January’s record of $1.21 billion, but up 30.5% from February 2021 ($689.25 million).
PENNSYLVANIA
The Keystone State also will announce March numbers next week, but the state’s February sports wagering handle was $597 million, down about 25% from January, when the NFL was in full swing, but up about 17% from February 2021.
Retail sports betting revenue was actually in positive territory at a modest $1 million, but online being in the red at minus-$1.47 million kind of offset it.
Overall, the state’s gambling sector had a healthy February, with nearly $376 million for all wagering, which was up 24.4% from February 2021.
CONNECTICUT
With March numbers yet to be reported, February’s total sports betting handle in the Nutmeg State was $115.62 million, down 26.9% from January’s $158.09 million.
The mobile sports betting handle dropped to $108.77 million after peaking in January at $149.35 million, marking a 27.2% drop.
The total taxable gaming revenue was $3,647,385 in February. Of that amount, $3,306,309 (or 90.6%) of that came online, down 56.1% from January’s $8.3 million.
The decline in monthly numbers for last month should not detract from the fact gaming options in Connecticut continue to grow. Last month, Inspired Entertainment announced it was launching its online gaming options in the state via a deal with DraftKings Casino. In February, FanDuel launched its new retail sportsbook at the Mohegan Sun, which should be a boost to retail numbers.
It’s normal for sports betting handle to decline in February because the Super Bowl means the end of the NFL season. With March Madness just concluding, it should be interesting to see how bettors reacted and wagered on another huge national sporting event.
The final determination is a long way off. So far, though, New York: Despite a few bumps in the road, your neighbors are holding their own.
