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New York’s sports betting handle hits $1.6bn for January

New York has officially claimed the record for the largest betting volume in a single month, with $1.6bn in sports bets placed from 8 January until the end of the month.

During the final week of January, $449m was wagered on sports bets, ensuring New York surpassed the previous monthly record held by New Jersey.

It is the first time in 12 months a state other than New Jersey has topped the charts in terms of sports betting handle.

Mike Mazzeo, Lead Analyst, PlayNY.com, commented: “New York supplanting New Jersey as the nation’s largest sports betting market was inevitable, but few thought it would take only three weeks. Betting should calm some once the football season ends and operators slow their promotional spending.

“Still, it’s clear that New York is going to be the flagship sports betting market in the US for the foreseeable future.”

Due to New York’s 51% tax rate on betting activity, the highest of any state, it makes sense this was also the largest month in terms of tax yield, with close to $58m directed to the authorities.

Eric Ramsey, Lead Data Analyst, PlayUSA.com, said: “The majority of states have struggled to maximise tax revenue from sports betting, but New York has certainly gone in another direction. Such a high tax rate could still lower the ceiling for New York’s sports betting market in the long term, but after three weeks of unprecedented volume, that seems like less of a concern.”

After the first three weeks of trading, Caesars Interactive led the way as the top operator in terms of handle and revenue share, capturing 41% and 46% respectively.

Source ; www.gamblinginsider.com

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