Sports betting in New York slightly declined in the month of February 2022, but the state still recorded the second highest monthly income in US history.
According to analysts at PlayNY – which tracks developments in the New York gaming market – online sportsbooks in the state recorded more than $1.5 billion in bets in February. The total is 12% below the US record of $1.7 billion in bets in January 2022.
Online bookmakers averaged $54.6 million in bets per day during the 28 days of the month, down from $69.6 million per day during the 24 days of betting in January. Such bookmakers earned $82.4 million in gross revenue from February’s betting, down from $124.1 million in January.
An expected result after sports betting recorded good numbers with the 2022 Super Bowl
“As big as the Super Bowl is, it’s still just a game,” said Mike Mazzeo, lead analyst at PlayNY.com. “And a slowdown in the immediate aftermath of the game is to be expected everywhere.”
“The smooth retreat won’t last long, however. The NCAA Tournament is the biggest sportsbook holiday in the country, and this presents a huge customer acquisition opportunity for sportsbooks,” added Mazzeo.
FanDuel led the online market in February with $568.1 million in bets, generating $23.2 million in gross revenue. This was followed by DraftKings with $387.6 million in betting and $30 million in gross revenue. Meanwhile, Caesars reported $323.4 million in betting, and $19.8 million in gross revenue.
“A modest pullback was expected in February and shouldn’t diminish what we’ve seen so far in New York,” said Eric Ramsey, an analyst at the PlayUSA network, which includes PlayNY. “In less than two months, New York sportsbooks generated more than $3 billion in bets. This is a result that would have been difficult to achieve before January,” concluded Ramsey.
