NY FY23: New York Hits It Out Of The Ballpark
In the highest-ever annual sports betting spend of any regulated US state, New York gamers have hit it out of the ballpark with a US$19.64 billion (£15.62bn) home run.
Revenue for the nine sportsbook operators in the Empire State during Financial Year 2023, ending March 31, topped US$1.76 billion (£1.4bn). GGR–Gross Gaming Revenue–surged 20.6 percent, year-on-year.
Given that online sports betting was only legalised in New York in January 2022; these are quite frankly spectacular figures, fuelling the heat in a market that’s activating for wider iGaming permissions and the licensing for three new mega casino resorts in the Big Apple itself.
Nevertheless, before one gets carried away with the prospect of real-world touch-and-feel gambling on the glamorous casino floor, be warned: New York State Gaming Robert Williams has dampened the hype and cautioned: “Cool it!”
Due to the complex approval process and statutory requirements, firm decisions on the granting of three new casinos licences will not likely be forthcoming until the end of 2025.
Hunger
To date heavy-hitters MGM, Wynn, Hard Rock, Sands and Caesars have all submitted plans for new establishments, since bidding opened in January this year.
But bids must also meet some of the toughest urban environmental quality standards and land use procedures in the world, meaning many applicants will probably have to revise and tune their proposals.
The hunger and pent-up demand unleashed by legalised sports betting in New York state, population 20-plus million people, is an indication of the gambling stakes on offer.
Total sports bets in the Empire State for FY23 were up near-20 percent.
Irish and UK-origin Flutter’s FanDuel once again led the market, with US$845.8 million (£672.83m) revenue off a handle of US$8.10 billion (£6.44bn).
Massachusetts-based DraftKings remained second with US$619.6 million (£492.88m) from a total of US$7.02 billion (£5.58bn) placed bets; Caesars came third, marking revenue of US$140.4 million (£111.68m) from US$2.03 billion (£1.61bn) wagered.
BetMGM, the MGM Resorts-Entain joint-venture, placed fourth with US$86.1 million (£68.49m) of revenue from a handle of US$1.26 billion (£1bn).
Relative also-rans–those operators who failed to break the billion-dollar betting handle–Rush Street Interactive (US$37.8m from US$643.6m); Fanatics (US$23.5m from US$361.9m); Resorts World (US$5.5m off US$79.9m); Wynn Interactive (US$3.5m from US$103.7m) and BallyBet (US$1.7m from US$43.7m).
Additional Reporting by Lauren Harrison
