Empire State's mobile sports betting market has been going on for quite some time, and it finally materialized on January 8, 2022. A total of nine operators have been licensed in the market, of which eight are alive and contributing to the game's steering wheel. And so far, the market's total throughput has reached an impressive $6 billion.
Recent weeks have been slow in terms of the size of mobile sports betting in New York, as the New York State Game Commission reports another low weekly processing. For the week ended June 5, 2022, 8 operators made a total bet of $270,690,318. It is safe to say that this is expected because summer is not a good month for sports events.
Of the US$270 million handles, only $10.76 million was converted to total game revenue. This is a weekly low for the market launched this year. The steering wheel is lower than the two-day launch in January. However, regulators expect both total game handles and regular handles to return to normal in the fall with the football season.
In the week ended June 5, 2022, FanDuel had the largest handle at $117,247,862, according to a recent report by the Commission. Once again, second place went to DraftKings, who received a significantly lower $74,132,661, Caesars Sportsbook was third with $40,573,584 and BetMGM was fourth with $23,599,549.
In terms of total game revenue, FanDuel once again topped the list with the aforementioned $6,765,992 per share. DraftKings posted revenue of $2,724,352 and Caesars Sportsbook posted a significant drop in the GGR, with $171,657. That's a drop of nearly $1.4 million in weekly statistics. The app was overtaken by BetMGM, which ranked third with $523,774.
From January 8, 2022, when the market opened, to June 5, 2022, total game revenue reached US$541,225,254. And since online operators are legally taxed at 51%, this is more than $250 million in after-tax revenue for Empire State. This makes the state second only to Pennsylvania in terms of tax revenue since its launch.
the ninth patentee
But New York's mobile sports betting market will be boosted by the integration of Bally Bet, the last ninth operator that has not yet been applied to the state framework. Recently, we have provided an update stating that we expect to complete the market launch by the end of the year
