NY sports gambling brings in $1.7B in wagers in January

NEW YORK - A new report shows how quickly New York's online gambling has taken off.

According to PlayNY, New York sportsbooks had nearly $125 million in gross revenue in January.  That is more than most states did in all of 2021.

New York had just under $1.7 billion in wagers in the 24 days that sports betting was allowed starting January 8, 2022.

"There’s never been anything in U.S. sports betting like New York’s first month," said Mike Mazzeo, lead analyst for PlayNY.com. "Launching ahead of the NFL playoffs was no doubt a boost for sportsbooks. But more importantly, the rollout of online sports betting unleashed a tidal wave of pent-up demand in New York."

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New York earned $63.3 million in taxes from online gambling. That is more tax revenue than every state with legal sports betting — except Pennsylvania, New Jersey, and Illinois — generated in all of 2021.

Meanwhile, New York’s four retail sportsbooks lost $328,829.

Caesars was the highest-grossing online sportsbook in January, generating $627.4 million in gross revenue on $58.99 million in wagers.

FanDuel was second in the state with $517.4 million in wagers, which produced $28.1 million in gross revenue.

DraftKings had $377.95 million with $29.6 million in gross revenue.