$330 million in online volumes.
November 25th, 2023
National Football League
New York State Legislature introduced the first online sports betting market that allows locals to bet online on sports events that are preferred on mobile devices. And despite the limited operator model of just nine sports books, the market is thriving beyond that, as it has already topped $10 billion in accepted wages online since its launch.
The New York State Game Board released its latest weekly market figures, which show that trading volume has increased significantly since the NFL began.
The latest results have put the state back on track to raise more than $1 billion a month in funding since June 2022. I still don't expect the numbers, but the volume could increase with the full schedule featuring Monday night football.
After taking the lead early on, Fanduel is facing growing opposition in terms of the DraftKings handle volume, which is now starting to catch up. For the week ended September 11, 2022, DraftKings had the highest weekly market share in Empire State, or 35.5% of total accepted bets. Meanwhile, FanDuel handled 39% of all digital bets.
On a USD basis, FanDuel handled more than $128.7 million of the total US$330 million processed, while DraftKings received $117 million in online betting. Since its launch, both sportsbooks have become benchmarks for the market, as FanDuel has an average market share of 40.2% compared to 25.4% for DraftKings.
a player heavily dependent on the NFL
New Yorkers are big fans of the NFL and they like to bet on it. This was confirmed by GeoCompley, which reported that more than 103 million geolocation checks were performed in the United States for the first set of NFL games. Of that, 15.2% came from Empire State and relatively new mobile sports betting markets.
The state is also pretty confident that with the first full NFL season in the new online market, it will be able to easily eliminate more sports betting milestones over the next 12 months. Rob Williams, executive director of the New York State Gaming Board, believes the local market could generate up to $500 million in revenue thanks to NFL interest among local investors.