US Sports Betting 2023: New York, Maryland Breaking Records; PointsBet Selling Operations
New York’s legalized sports betting industry continues to set records.
During March, the state’s licensed sportsbooks recorded $163.6 million in adjusted gross revenue. The previous mark of $149.4 million was established in January, according to the New York State Gaming Commission.
So far this year, New York State has generated $214.5 million in taxes, including a record $83 million during March. The mobile sports betting operators also collected a record-setting $162.8 million in revenues.
New York’s total betting handle of $1.79 billion during March, however, did not establish a new mark. It fell short of January’s record-setting total. The gaming commission’s report also indicated the industry experienced a nine percent increase from March 2022.
FanDuel and DraftKings led the way for New York. The market leader, FanDuel handled $740.1 million in wagers, while DraftKings was at $589.7 million.
So far in 2023, sportsbooks reportedly handled more than $5 billion in legal bets.
Big month for New York sports betting – online handle bounced back to just shy of Jan.'s record but GGR and net revenue to online sportsbook operators hit new records. NY sportsbooks hitting new online GGR records in March included $DKNG BetMGM, BallyBet and $RSI https://t.co/6bNCViNklR
— M(et)atthew Kanterman, CFA (@theKantoarbot) April 11, 2023
Maryland Records Record-Breaking Tax Revenues
New York is not the lone state establishing new revenue marks.
Maryland’s sportsbooks generated $47.5 million in gross revenues during March, according to the Maryland Gaming Commission.
The state’s sportsbooks also collected $35.4 million in adjusted revenues, marking the highest figure since sports betting became legal in Maryland in December 2021. The gaming commission’s report indicated that mobile wagering accounted for more than half of the sportsbooks’ adjusted gross revenue.
Maryland earned $5.3 million in tax revenues, improving the first-quarter total to $10.2 million. It represented approximately $8.9 million more than 1Q22.
Maryland sportsbooks rake in state record monthly revenue~my story for MD Bettinghttps://t.co/rLPDcIaTSk
— Phil Naessens (@NaessensPhil) April 12, 2023
PointsBet Plans To Sell US Sports Betting Operation
Australia-based PointsBet is planning to exit the US sports betting market.
The seventh largest operator, PointsBet brought in investment bank Moelis & Company to identify potential acquisition partners. Fanatics was interested in expanding its reach into the space by purchasing a stake of the company last year, as reported by GamblingIndustryNews.com.
After establishing a North American footprint, PointsBet etched a niche in 14 states, but struggled to consistently wrestle significant market-share away from industry giants FanDuel and DraftKings.
Despite positive gains, PointsBet will be looking to shed its US sports betting operations in the near future.
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