Caesars Entertainment Corporation (NASDAQ:CZR), (BALY) – New York Breaks New York State’s Online Sports Betting Record in 3 Weeks: Early Winners and What’s Next

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The highly anticipated launch of online sports betting kicked off in New York State in January. In just three weeks, New York is already breaking records for the sports betting industry.

What happened: New York hit a monthly record $1.625 billion in betting for the month of January. The total beat was a previous record of $1.3 billion set by the state of New Jersey in October 2021.

Here are the top sports betting operators in New York for January:

  • Caesars Entertainment Inc (NASDAQ: CZR): $615.5 million
  • FanDuela unit of Flutter Entertainment ADR (OTC: PDYPY): $501.8 million
  • Writing Inc. (NASDAQ: DKNG): $367.7 million
  • BetMGMa joint venture of hear and MGM Resorts International (NYSE: MGM): $78.1 million
  • Bet Rivers from Rush Street Interactive Inc (NYSE: RSI): $32.2 million
  • PointsBet Holding Ltd (OTC: PBTHF): $29.5 million

Related Link: Exclusive: Sizing Up New York Sports Betting Opportunity, Potential Winners

And after: FanDuel, DraftKings and BetMGM remain the top three nationwide online sportsbook operators by market share. Caesars’ position at the top might be the big story investors should watch to see if it was due to strong promotions or strong brand awareness in the state.

It was noted in the PlayNY.com report that FanDuel dominated the week of Jan. 23-Jan. 30, suggesting that Caesars’ top spot may be short-lived.

February will provide a full month of operations for BetMGM, which launched on January 17 and may paint a better picture of how the operator might fare after placing a distant fourth.

More sports betting is started in New York. WynnBet from Wynn Resorts, Limited (NASDAQ: WYNN) went live Friday. Resorts World and Bally’s Corp. (NYSE: BALY) also have pending launches.

Super Bowl LVI on February 13 will provide a great opportunity for sports betting operators in New York and across the country. PlayUSA predicts New York will have a betting handful of $160 million for the Super Bowl, ranking second to Nevada ($175 million).

A new monthly record could be set again in February with the biggest sporting event of the year taking place in the first full month of operations for New York.

Photo: Courtesy of DraftKings

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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