New York released numbers from its first month of legal sports betting, and the state’s official handle totaled more than $1.62 billion — topping the single-month record for any state.

The state set its record in less than four weeks, as its mobile apps weren’t permitted to launch until Jan. 8. The first month’s total included six mobile sportsbooks, which recorded $113 million in revenue as of Jan. 30.

WynnBet launched as the state’s seventh mobile sportsbook on Friday, and BallyBet has not yet launched.

New Jersey, which took three years to pass $1 billion handled in one month, held the previous record at $1.3 billion during the month of October.

• New Jersey’s total includes retail and mobile sportsbooks.
• New York’s four upstate retail sportsbooks handled an additional $21 million, which totals nearly $1.65 billion including both brick-and-mortar and mobile sportsbooks.

Sports Betting Empire State

New York collects 51% of the state’s sports betting revenue in taxes, and Gov. Kathy Hochul’s budget plan reportedly expects $357 million in FY2023 from the additional source. By 2026, it estimates $509 million.

“We are providing our state with a new revenue, educational, and addiction funding source,” Sen. Joseph Addabbo said. “It also can give us an indication of where we go from here, especially with the Super Bowl within our sights.”

When it comes to hosting global sporting events, bigger may not always be better.

On Monday, the football associations of England, Northern Ireland, Scotland, Wales, and the Republic of Ireland announced they would pursue a bid to host the men’s UEFA Euro 2028 — and won’t bid on the men’s 2030 FIFA World Cup. 

The decision was based on the results of a feasibility study, which “included an analysis of the economic impact, the political football landscape, and likely costs of hosting major international tournaments,” the English Football Association announced. 

The cost of putting on the event would be significantly lower than that of the World Cup, while offering similar returns, the study found. Numbers were not provided publicly. 

A Growing Trend?

The FA’s decision is unsurprising given the gargantuan price tags of recent global sports events — and lack of revenue to compensate.

• Qatar, for example, spent a total of $300 billion on city infrastructure and an expanded airport in anticipation of the World Cup, per Bloomberg. The expected economic impact rounds out at just $20 billion.
• The Winter Olympics in Beijing may be costing China $38.5 billion, more than 10 times the amount the country previously reported, per Business Insider. 

The deadline to confirm bids for the Euros is in March.

With baseball’s media future in flux, the Chicago Cubs are reportedly exploring launching their own streaming service with major broadcaster Sinclair.

The two sides, which co-own Cubs broadcaster Marquee Sports, are looking to charge $18 per month for the standalone service.

While many Major League Baseball teams have relied on Sinclair’s clutch of regional sports networks for local broadcasts, the league reportedly has concerns about the company as a long-term media partner.

MLB commissioner Rob Manfred is wary of Sinclair’s ability to produce a high-quality media product, given its balance sheet. 

• Sinclair held $12.8 billion in total assets at the end of the third quarter 2021, including $1.1 billion in cash and cash equivalents.
• Sinclair outbid MLB in August 2019, buying 21 regional sports networks from Disney at a $10.6 billion value.
• The networks were rebranded from Fox Sports to Bally Sports in March 2021.
• Sinclair’s Diamond Sports Group, a subsidiary it created to hold the regional sports network properties, holds $9 billion in debt, due in 2026.

Baseball’s Streaming Future

MLB is hoping to launch its own streaming service in 2023. The league has offered out-of-market games through its MLB.TV streaming service since 2002. 

Sinclair, meanwhile, is preparing to launch a streaming service centered on its regional sports networks, which hold rights to 14 MLB teams, 16 NBA teams, and 12 NHL teams.

A Cubs-focused service could create a precedent for MLB teams as they weigh their media options.