Monday, March 20, 2023

New York may surpass $1B in first full month of mobile sports betting being legalized


New York legalized sports betting earlier in January and the state is already seeing a massive return. In fact, the state is currently on track to break $1 billion in sports bet over its first month, according to Front Office Sports.

The state’s residents wagered a whopping $603.1 million in bets from Jan. 8 (the first day it was legal to do so) to the 16th of the month. Those bets came via the four mobile sportsbooks that were available at launch in the state: Caesars, DraftKings, FanDuel and BetRivers.

The gross gaming revenue from those sportsbooks has already topped the $48 million mark. In total, New York is also on track to potentially top the current monthly record, which is $1.3 billion. That mark was set in New Jersey in October 2021.

In addition to sportsbooks and bettors cashing in on the legalization, the state did as well. New York’s tax rate on betting revenue is 51 percent, which means that the state already has made a massive $24.6 million in profit, according to PlayNY. The previous record was set in Pennsylvania, which was $23 million in November 2021.

BetMGM has joined the fray and launched on Jan. 17 — shortly after the other sportsbooks. As even more sportsbooks get legalized in the state, these numbers could continue to climb even further.

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