In the latest gambling news, we are taking a look at the largest sports betting market in the US: New York. New York is consistent in terms of leading the country in sports betting handle, and revenue. The huge boom in sports betting in the state was when they finally allowed online sports betting. And now, they are seeing a great start to the year as sportsbooks in New York set a new monthly revenue record in January.
This also marks the second month in a row that the state’s sportsbooks are reporting a new record in revenue numbers. If you recall the data from December 2023, New York set a $188.3 million in revenue. But January apparently is a more profitable month for bookies as they set a new record of $211.5 million.
Sportsbooks in New York Sees Less Wagers
Despite seeing a record revenue, the total monthly handle, or the total amount of wagers sportsbooks took in for the month actually dropped. The handle fell by 4.3% month over month. However, the handle is hardly anything to scoff at- it sits at a very profitable $1.96 billion. Sadly, it does end the three-month streak of a $2 billion monthly handle. But if you want to be inspired, the handle is still better than the same month last year by 9.3%. That means growth still continues in the long term in the state. If that does not make you grab the best sportsbook pay per head software, then nothing probably will.
The potential to generate such revenue is always good with a high handle. But as a bookie, you should know that the important factor in computing your revenue is on the hold percentage. This is the percentage that bookies get to keep. For New York in January, it was a pretty healthy 10.8%, thus giving the state its record number.
The Potential for iGaming in New York
If you look at the numbers for online sports betting in the state, it clearly shows that there is a huge demand for betting. The same can be said for online gambling. However, this is not yet allowed in the state. Legislators have been working to add igaming into the mix, potentially increasing the potential for revenue. Not just for bookies, but for the state as well. The state collects 51% of revenue from sportsbooks, so they earn as much as bookies do.
If you arrange for a similar set up from iGaming, then the state can easily generate hundreds of millions, or even more than a billion in revenue from iGaming each year. However, even with iGaming bills being introduced in the legislature, efforts are still not successful. In addition, Governor Kathy Hochul also did not include iGaming in her 2025 executive budget. Looking at this, and comparing it to that of the state’s journey to legalizing online sports betting, it might take time for New York to allow online casino gaming in the state.
Get Your Exclusive Free Trial of the Best Bookie Software at Price Per Player Today!
