New York State’s mobile sports betting market officially launched just over a month ago, however, the initial results have been nothing short of impressive. For over a month of operations, the state’s seven online betting operators have handled almost US$2 billion in placed wagers. Hence, bringing over US$138 million in sports betting revenue for the state and the operators.
The New York State Gaming Commission gave the go-ahead to a total of nine mobile sports betting operators to offer their products in the state. As of right now only seven of them have gone live, with Bally Bet and Resorts World Bet being the only two yet to launch in the market. In the meantime, the other seven are enjoying life in the newly regulated and busy market.
Almost US$2 Billion in Wagers
According to a press release from Governor Kathy Hochul’s office for the period of January 8, 2022, the day the market went live, to February 6, 2022, the state has handled US$1.98 billion in online sports bets. Due to the 51% tax rate, the Empire State has accumulated over US$70.6 million in tax payments from the active sportsbook operators.
For the period of January 8, 2022, through February 6, 2022, once again Caesars Sportsbook is leading the race of highest betting activity on its app. The company handled 35.4% of the total bets and 46.7% of the revenue. However, FanDuel is starting to catch up to its counterpart as for the week that ended on February 6, the sportsbook collected 36.2% of the bets, while Caesars still lead in revenue that week.
According to the report by Gov. Hochul’s office football accounted for more than US$600 million of the handled bets for the first month. This number is expected to be further boosted by last week’s Super Bowl LVI. Basketball received a total of US$540 million in bets, while hockey generated around US$80 million in online sporting bets.
More news surrounding the state’s gambling sector includes Sen. Joe Addabbo Jr.’s bill moving forward to the Finance Committee. Legislation S7536 moved out of his Racing, Gaming, and Wagering Committee after a short discussion on it. The bill would allow fixed-odds bets on horse racing as well as sports betting kiosks at various New York locations, such as sports stadiums, arenas, horse tracks, and VLT sites.
The New Offering
New York’s mobile sports betting has gone live on the morning of January 8, 2022, as four operators have received regulatory approvals to accept bets online. The first four were Caesars Sportsbook, FanDuel, DraftKings, and BetRivers. Shortly after them BetMGM, PointsBet, and Wynn Bet have also gone live. And recently Bally Bet announced that it will be delaying its launch to April.
Immense Super Bowl Activity
Before Sunday’s Super Bowl, the America Gaming Association posted its annual national survey, which predicted that 31.4 million Americans will wager on the final in retail or online forms. Thus resulting in US$7.61 billion in wagering volume on the clash between the Cincinnati Bengals and the Los Angeles Rams. This suggested that NY, which is already breaking mobile sports betting records will smash its own record.
Source: Waters, Matthew “NY Sports Betting Nears $2 Billion Wagered In First 30 Mobile Days”, LegalSportReport, February 14, 2022