While analysts expected a significant surge in betting numbers when New York legalized gambling in January 2022, nobody quite anticipated that the Big Apple would become home to the biggest spenders in online mobile wagering.
New York locals have already wagered more than $2 billion since their inception to online legal sports betting in January as they cruised past the projected figures whilst making the Empire State the leading location in America for mobile wagering.
The New York Gaming Commission announced their state citizens were responsible for a quarter of all mobile sports bets made leading up to the Super Bowl LVI – with New Yorkers being accountable for $472 million in wagers.
New Leader
The recent legalization of sports betting in NY is undoubtedly keeping tax collectors busy, as it’s no secret that New York taxmen are the real winners – collecting 51% of the gaming industry’s revenue.
Thus far, close to $80 million has already been collected in taxes from the sports betting handle of $2.5 billion, sailing past the projected $50 million in tax revenue.
State Senator Joseph Addabbo Jr., who additionally acts as the chairman for the committee on gaming, wagering, and racing, said: “It’s incredible. The astonishment of these numbers it’s incredible.
“It’s our first month, ever, and we’re at $2 billion,” Addabbo added during an interview with the New York Times.
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New York’s neighboring state of New Jersey was the previous No.1 when mobile sports betting numbers were compared; these past figures can additionally give thanks to New York locals as they’d regularly jump state lines to place their wagers online.
But as of January 2022, New Yorkers are no longer forced to cross the border, and the Garden State has been left in the dust when it comes to leading the market.
New York’s initial month (January) in the market saw them capture the lead with $1.6 billion staked in sports wagers, around $300 million higher than New Jersey had ever received.
Revenue Record
Whilst many expected New Jersey’s sports betting numbers to slump upon the arrival of legalization in New York, they didn’t. In fact, NJ broke its previous monthly revenue record when collecting $1.3 billion in January 2022 – an astonishing 40% rise from January 2021.
Another big player in the gambling stratosphere is Nevada, but even the Silver State failed to match the January mobile sports betting numbers of New York. However, when it comes to overall gambling revenue, Nevada is still the market dominator with its casinos and alternative gambling streams.
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Bookmakers have been going head-to-head for the NY customer base. While FanDuel is America’s No.1 sportsbook, Caesars Sportsbook took the lead in New York – receiving $615 million in wagers ($56 million revenue) during the first four weeks.
With that said, FanDuel wasn’t far behind after taking $502 million in bets ($23 million revenue). DraftKings took $367 million in wagers ($27 million revenue), while BetMGM received $78 million bets ($3.2 million revenue).
Creeping up to their competitors, rising sportsbook PointsBet took $29 million in wagers ($2.3 million revenue).
