New York Mobile Sports Betting Revenues Break the $1 Billion Barrier, Led by FanDuel
FanDuel, a leading mobile sports wagering operator, has continued to impress in New York's burgeoning sports betting market. The company's consistent performance is evident in the gross gaming revenue it has generated weekly.
In the week ending April 24, 2022, FanDuel reported a gross gaming revenue of $21,188,729. This figure increased to $21,443,765 in the week ending May 14, 2023, and further to $22,130,966 in the week ending April 16, 2023. The operator also set the all-time operator weekly high at $26.6 million for the week ending January 22, 2023.
FanDuel's strong performance in New York has been a significant factor in its overall success. In fact, the company has surpassed $1 billion in revenue in New York, a remarkable achievement in the post-PASPA era. This milestone places FanDuel among an exclusive group of six states that have topped $1 billion in total operator revenue.
Moreover, FanDuel has been instrumental in driving New York's sports wagering market. The state, along with New Jersey, Pennsylvania, and Illinois, are the top states for total mobile sports wagering revenue post-PASPA. New York, in particular, stands out as a leading market by volume and revenue.
In March 2024 alone, New York's sports wagering market reported a handle of $1.84 billion, with FanDuel accounting for approximately 42.4% of the betting handle. This puts FanDuel in the lead among sportsbooks, with $781.8 million of the total handle reported. Alongside DraftKings, FanDuel and DraftKings combined for around 72% of New York’s total gross gaming revenue, with FanDuel alone responsible for a large portion of that revenue.
FanDuel's success in New York is also reflected in its tax contributions. The operator's tax bill for the four full weeks of May is estimated to be more than $36.1 million. By the end of May, FanDuel's overall mobile tax bill in New York will surpass $500 million. The company pays 51% tax on its gross revenue to the state of New York.
Despite the significant tax burden, FanDuel has managed to stay profitable. The company has finished in the black in all weeks of wagering since its three losing weeks in its first six weeks. FanDuel's highest all-time weekly win rate was on July 10, 2022, at 17.17%.
In conclusion, FanDuel's dominant position in New York's mobile sports wagering market is undeniable. The company's consistent performance, significant revenue contributions, and tax payments underscore its importance in the state's sports betting landscape.
- FanDuel, with its strong lead in New York's sports wagering market, has demonstrated its dominance in sports betting, reporting revenues that surpassed $1 billion in the post-PASPA era.
- The impressive tax contributions made by FanDuel, reaching more than $500 million by the end of May, highlight the company's substantial impact on New York's finance sector, with the operator paying 51% tax on its gross revenue.
- The technology-driven FanDuel has shown resilience in the face of a significant tax burden, maintaining profitability and setting records for weekly gross gaming revenue in New York's sports betting market.
