NJ, PA Hold Their Ground With NY in Sports Betting Revenue

New York is on pace to generate a $19.3 million handle by the end of 2023, compared to $13.8 million for New Jersey and $8.4 million for Pennsylvania. To date, FanDuel tops in handle in NY and PA.
US Map with close up of New York, with New Jersey and Pennsylvania next door. NJ, PA Hold Their Ground With NY in Sports Betting Revenue
April 19, 2022

In a clear sign that sports betting is alive and well in New Jersey and Pennsylvania despite neighboring New York State’s hot start in the vertical, handle is up year-over-year in both states through the first three months of 2022, data from regulators show.

Still, competition is expected to remain cutthroat between the Empire, Garden, and Keystone states, which share a massive media market for the New York City metropolitan area. There will be no holds barred as operators in all three states compete for sports betting customers.

New York sports betting is projected to have a handle of $19.3 million by year’s end. That amount would fall just short of a combined handle from New Jersey and Pennsylvania, which are projected to be $13.8 million and $8.4 million in 2022, respectively.

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New York Sports Betting’s Hot Start

According to a report by the New York State Gaming Commission (NYSGC), mobile and online sports betting generated a nearly $1.7 million handle in January — its first partial month of legalized sports betting. Handle slipped to $1.5 million in February before rebounding to $1.6 million in March.

To date, sportsbooks in New York have generated a $4.8 million handle. That equates to roughly a $19.3 million handle for the full-year 2022.

NYSGC data also show that so far the sports betting vertical has three major players: DraftKings, FanDuel, and Caesars. FanDuel Sportsbook NY leads the trio with a nearly $1.8 million handle generated through the first three months of 2022, followed by Caesars Sportsbook NY at $1.2 million and DraftKings Sportsbook NY with $1.2 million.

New Jersey, Pennsylvania Keep Pace

Fears that sports betting in New Jersey and Pennsylvania would be impacted by New York joining the competition have so far proven unfounded.

New Jersey sportsbooks generated a $1.3 million handle in January, according to data from the New Jersey Department of Gaming Enforcement (NJDGE). After slipping to $986k in February, handle rebounded to $1.1 million in March for a total of $3.4 million so far this year. Handle is up year-over-year for all three months and is also up 35% for the first three months combined, compared to $2.6 million for the opening quarter of 2021.

A similar pattern is unfolding in the Pennsylvania sports betting market, where a $793.7 million handle in January kicked off the year, according to the Pennsylvania Gaming Control Board (PGCB). Handles of $597 million and $714.9 million followed in February and March, respectively, leading to a total of $2.1 million so far for 2022. Handle increased every month and is up 25.6% year-over-year from the nearly $1.7 million handle generated in the first three months of 2021.

FanDuel Sports PA, which operates under the Valley Forge Casino license, accounted for $753.5 million of the state’s $2.1 million handle generated so far in 2022.

Barstool Sportsbook and DraftKings Sports PA — operators of retail and online sportsbooks at the Hollywood Casino at The Meadows, respectively — combined for a $500.6 million handle through the first three months of 2022.

BetMGM Sports PA, on the Hollywood Casino Morgantown license, was third in handle with $234.4 million generated so far this year.

The NJDGE does not break down handle by operator, so it’s not possible to see which operator leads in terms of handle.

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