December 2023 New York Sports Betting Revenues Hit More Records

January 5, 2024

December 2023 was yet another record month for the New York sports betting market, according to the last New York State Gaming Commission revenue release covering 2023.

The Empire State capped of its year at the top of all U.S. sports betting markets, with an all-time high $188.3 million in gross gaming revenue.

However, the $2.04 billion in total wagers for December did not quite beat November’s national record handle of $2.109 billion. While November saw more wagered, it also saw the second-lowest monthly hold for operators, as New York state bettors took the ‘books to the cleaners.

The house bounced back in December, though, as revenues tidily beat the previous monthly high of $166.3 million, set in October 2023, by 13.2%. The figures also showed a substantial 32.8% increase from December 2022’s $141.8 million.

To top it off, it was the third consecutive month that New York bettors have wagered more than $2 billion, underlining the growing popularity of the largest U.S. sports betting market going into 2024.

All of that translated into significant tax contributions for the state. Sports betting in New York generated more than $96 million in taxes for December, and more than $861.8 million for the year 2023.

FanDuel and DraftKings Dominate Competitive Landscape

FanDuel emerged as the front-runner in the market for the month, stretching its lead over DraftKings, with $93.6 million in revenue from $834.5 million in bets.

That news comes as FanDuel’s owner, Flutter Entertainment, is in the final stages of moving its stock listing from London to the New York Stock Exchange.

FanDuel’s main rival, Boston-based DraftKings, followed in second for December with a revenue of $65.2 million and a handle of $773.4 million.

Caesars maintained its third-place position, with $15.9 million in revenue from $202.0 million in bets.

Other notable contributors included BetMGM with $8.1 million in revenue, and Rush Street Interactive with $3.1 million.

Losses and Taxes

Despite these successes, two operators, Bally Bet and Wynn Interactive, reported losses in December.

Outside of Nevada retail sportsbooks, Wynn Interactive’s WynnBET is only available for New York and Michigan sports betting after closing up in eight states in late 2023. Both markets are under review by the operator.

Considering it has now made a loss for two months in a row in the nation’s largest market — the first operator to do so, no less — things aren’t looking good.

This performance has led some business figures to speculate that WynnBET’s New York license may prove attractive to Penn Entertainment’s shiny new ESPN Bet.

Meanwhile, Bally Bet, only re-opened in November 2023 after closing down for several months to upgrade the service, retained last place as least-popular sportsbook in New York.

It didn’t capitalize on its profitable November and fell to a $252,000 loss – although it did improve its overall handle, which rose to $6.6 million.

Operators in the nation’s biggest market are also charged its highest sports betting tax rate at 51%. They also can’t deduct promotional spending, as they do in many states.

That meant sportsbooks actually took home $92 million in revenues in December, and the New York tax authorities took $96 million.

It may not be sports betting – but another big win worth celebrating happened in New York gambling in December. Brookyln resident Wayne Murray beat unbelievable odds to win his second $10 million New York lottery jackpot in two years.

Pocket52 Poker Sports League Season 5 – Bigger and Better Than Ever!

Pocket52 Poker Sports League Season 5 – Bigger and Better Than Ever!


Posted by Laksh Pal Singh on 2023-08-23 at 9:41 PM

Pocket52 Poker Sports League Season 5 - Bigger and Better Than Ever!

That was what the Poker Sports League management promised us this year, and that is exactly what was delivered. This edition of PSL was grand in many ways, and I’d first like to thank everyone who made this event possible.

Nitesh Salvi – founder and CEO of Pocket52, title sponsors of PSL, Pranav Bagai, Siddharth Mishra, and Prajit Gambhir, the three musketeers who started this wonderful concept of PSL and have worked endlessly over the last five years to grow this mind sport!

Prajit, you legend. God only knows how many roles you have at PSL! From being COO to the auctioneer to commentary to ensuring that the show goes on every single time, big shoutout to you, brother, and to Vidur also for making sure every pre-show and every stream was super smooth. Sid and his production team, wow, man, I don’t even know what to say. You guys are so good at what you do! This year the production team of PSL has really outdone themselves. From every reel to every Instagram story to every update, I have to say the content was fabulous.

Obviously couldn’t have done it without your ever-so-talented team! Dashank, Madhur, and Pandey Ji, big shoutout to the three of you for doing such a great job and just being awesome people in general. I’m really fond of the entire PSL team and of course the man himself, the mastermind Pranav Bagai for making this happen on Jio Cinema- working day in and day out to achieve his vision for poker in India.

I want to thank all the owners for supporting this league every single year and spreading their love and passion for poker. This league would not be possible without you!

 

The Experience

Pocket52 PSL Season 5 was something else only. Everyone together on land in the same resort under the same roof, with no hassle of going onto the ship, everyone bonding and interacting.

Personally, for me, the highlight was interacting with the qualifiers from all teams, it’s really nice to talk with someone when you know they look up to you and whatever you’re saying has an impact on them.

It was really heartwarming to meet the Massani brothers, these boys were the heroes of PSL, and that’s another story to tell. Taking a domestic flight for the first time, these two brothers have come from Bhopal and won all our hearts. What gems of human beings, so much confidence, so much energy, I just loved it, to be honest. I had a great time with all my friends and all the other captains who I’m so close to off the felts!

The competition was heavy, and everyone was so passionate and into it. So yeah, GG to my boys – Dirty (Dhaval Mudgal) and Shardul (Parthasarathi) for also taking podium finishes, I had already told Shardul I was going see him heads up and win this time.

Big shoutout to Gaurav Sood, one of the best poker players in India, for playing the finale like an absolute boss man and ensuring I’m shitting myself on the rails while he’s reducing the chip deficit. Love you, Mozzie unlucky one, and you’ll be back stronger we all know it.

Shoutout to Romit (Advani) and Vaibhav (Sharma) for being fantastic team leaders- you win some, you lose some, and I am sure we will see you guys in the top 3 next season!

Now coming to my team, oh man, I don’t think I’ve ever felt such a sense of comradery and team spirit in my life. PSL adrenaline just hits differently. I’ve played a lot of tournaments in my life and hit a lot of one-outers for big money, but I’ve never jumped the way PSL made me jump and shout and scream, and it’s a different kind of excitement altogether.

Bringing a team format and making an individual sport a team game is honestly a genius concept! I would like to thank my team owners, Mr Puneet Mehra, Mehul Shah, and Rishi, for trusting me to lead this team again despite a not-so-great performance the previous year. Special shoutout to their families as well, Toral ma’am Divyansh and Prerna, for cheering on the Mumbai team and making sure our rail was the loudest and full of energy. Really happy that Mehul and Rishi also came down and really felt it with the team and were involved and there from start to finish.

Speaking about my team, I want to say I’m so proud of you guys – every point earned by each of you was crucial to us winning and reaching the finale. I remember the day we reached Goa and had our first team meeting, I was really impressed with Puneet sir because he gave a really inspirational team talk on Day 1 itself, which had a big impact on our team. I have to say one thing about my team, though, everyone was really into it, The togetherness and team spirit was really evident, and I think from Day 1, we manifested the win when we took that picture near the trophy.

Humaara wildcard kaisa ho, Alok Birewar jaisa ho! I think the best decision I made this PSL, other than my obvious retentions of Akshay Nasa and Honey Bijlani, was to sign Alok as my wildcard. I knew Alok wouldn’t do it for the money; he wanted to play PSL, he loves strategizing, he was railing every table every tournament, his team spirit was unparalleled, and the best in the league, so kudos bro I’m proud of you, and you did a great job.

Akshay Nasa, my player, said I am born ready when I asked him if he was going to play the finale. Our strategy was simple, get 250 BB in the finale, send Nasa, and ship it!! Shoutout to Ankit, our 2nd pro, for a great performance joining Nasa in the finale, and also getting the ever so-crucial points in the live MTT, but also for declaring that we’ve won before the league even started.

Honey Bijjlani, for doing more work than the captain, bhai this team would not have won without you, I openly state that you are going to be retained every year for Mumbai Anchors. Nitin Gulati for his passion for this team, getting merchandise and hoodies made for the entire team, thank you, bhai! Simran Malhotra, my fellow Pocket52 team pro, for never disappointing me, for being the number 1 woman player of the league, and for her spirit and love for the team.

Dhirendra Kumar and Avinash Tauro for being on top of things, speaking to the new boys, railing watching the stream making notes, top top performance guys. And of course the new boys Shravan and Nikaas, who I couldn’t believe, played live poker for the first time. They both killed it and got super important points for the team. Every single point contributed by each of you was crucial to this team’s success.

It was a rollercoaster of three days, with ups and downs and highs and lows; the excitement and energy were high, and it was the best three days of my life. Humne bahut chipkaaya, 3 straight days chipkaaya, but you gotta spike to ship, and there was no way Mumbai was not winning this season. Also, a big shoutout to my first mentor and dear friend Sahil Mahboobani for top-notch performance and taking down the Player of the Series, so happy for you, bro!

Lifting that trophy was a great feeling and something that’ll stay with me for life, I hope to recreate many more memories with PSL and Mumbai Anchors!

GG everyone, until next time!

Aaamchiiiiiiiiiiiiiiii Mumbaiiiiiiii

Maine Sports Betting Rules Nearly Finalized for November Launch

October 4, 2023


Regulators in Maine have passed one of the final steps in getting ready for its legal sports betting market launch between November 5 and 15. The Maine Gambling Control Unit (MGCU) has sent the proposed adopted rules to the Attorney General’s office for final legal checks and eventually approval.

Once approved, the Secretary of State’s office will take approximately three to five business days to post the adopted rules.

The law legalizing Maine online sports betting was signed by Governor Janet Mills in May 2022. It granted potential for mobile betting licenses exclusively to the state’s four federally recognized tribes. There will be 10 licenses for Maine retail sportsbooks issued. That includes two left open for the Maine casino venues Hollywood Casino Hotel Bangor and Oxford Casino & Hotel.

“So, I just grab that same package that everybody’s signed off on, and I just take that over to the Secretary of State’s Office,” said Milt Champion, executive director of the MGCU.

“And once they publish it for adoption, then we’re good to go. And at that point, anybody that’s submitted an application request for a temporary license, which is part of the requirement, then I will start kicking out licenses that day.”

Navigating Through Regulatory and Ethical Waters

Three of the four licensed tribes, the Mi’kmak Nation, the Houlton Band of Maliseet Indians, and the Penobscot Nation, have opted to collaborate with Caesars Sportsbook as their management service provider.

The Passamaquoddy Tribe has yet to choose an online operator partner, but it is unlikely to be also Ceasars. BetMGM has submitted an online operator application, so it is rumored that they will be second legal online sportsbook in Maine.

BetMGM has also applied for on-track-betting licenses at two Maine horse racing tracks, in Waterville and Sanford.

Whatever sportsbook operator does enter the state will have to adhere to the state’s specific rules. Notably, one rule is prohibiting bets on games involving Maine colleges. In 2023, several Massachusetts retail sportsbooks have already been fined for breaking that particular rule.

While wagers on national tournaments like March Madness will be permissible, outcomes for Maine-based schools, such as the University of Maine and Bowdoin College, will be off-limits to bettors. This measure aims to safeguard the integrity of local educational institutions and their sporting events.

New England Sports Betting

The introduction of sports betting is poised to be a substantial revenue generator for Maine, with projections ranging from $3.8 to $6.9 million, according to a 2017 Oxford Economics Analysis commissioned by the American Gaming Association.

Maine joins the ranks of New England states allowing legal sports wagering, alongside Connecticut, Massachusetts, New Hampshire, and Rhode Island. Vermont legalized sports betting this year and is expected to launch in 2024.

However, Champion says the MGCU did not pay any extra attention to their neighbors sports betting efforts, but instead looked further afield across the U.S.

“We worked our rules from six to eight other states nationwide, some of which were Colorado, Tennessee, West Virginia, Ohio, Michigan, Montana, Wyoming, and Mississippi,” he said.