It’s official: New York has surpassed Las Vegas as the biggest sports betting market in the United States after just four weeks of accepting mobile wagers.
According to numbers published Friday by the New York State Gaming Commission, the Empire State stormed past New Jersey in January to take over the top spot in the sports betting industry, pulling in more than $1.6 billion in sports wagers. That is a $300 million increase over the previous month, the biggest month in New Jersey history.
And those figures are just likely to rise in the future. BallyBet is yet to begin accepting bets in the state of New York, while WynnBET just recently started accepting bets in the state on Friday.
According to the latest numbers, mobile sports betting in New York generated $1.62 billion in revenue between its introduction on January 9 and the week ending January 30.
In-person sports betting at four upstate casinos generated over $15 million in additional revenue, increasing the total monthly revenue to $1.64 billion.
It was the month of October 2021 that New Jersey’s casinos and horse races had their finest month in terms of the number of sports bets they accepted.
The state had previously topped the country regarding the amount of sports bets it accepted. January 2022 in New Jersey will be announced on February 16.
This is fantastic,” said New York state Sen. Joseph Addabbo Jr., who is one of the most vocal supporters of mobile sports betting in his state.
“Going back to the first week we were here; we accomplished more in two days than we had in the previous two years combined. Not to mention that we aren’t even operating at full capacity now.”
Kevin Hennessy, a representative for FanDuel, said that the business anticipated New York to be a strong market going into the launch.
As he put it, “Legal sports betting in New York has far surpassed any of our expectations.” “Legal sports betting in the United States is mostly concentrated in New York and New Jersey, which together constitute about half of the country’s total.
New York clients have flocked to the FanDuel Sportsbook in record numbers, and we continue to view New Jersey as a promising market for our sportsbook.”
He said that the Buffalo Bills’ playoff run drew a lot of attention, and he pointed out that the Winter Olympics, the NHL All-Star Game, and the Super Bowl are all coming up soon.
Considering the $1.62 billion in bets processed and after paying out winners and other expenditures, New York’s mobile sports betting operators generated roughly $113 million in income.
In New York, such revenue is subject to a 51 percent tax rate. During its first four weeks of operation in New York, Caesars handled almost $615 million worth of wagers and generated approximately $56 million in revenue, making it the market leader.
FanDuel received over $502 million in bets, resulting in $23.6 million for the company.
DraftKings received $367 million in wagers, generating $27 million in revenue; BetMGM received $78 million in wagers, generating $3.2 million in revenue; Rush Street Interactive received $32 million in wagers, generating $837,035 in revenue; and PointsBet received $29 million in wagers, generating $2.3 million in revenue.
It was no surprise that New York surpassed all other sports betting markets once it permitted customers to place bets using their mobile phones or laptops. New York has over 19 million people, much larger than New Jersey’s population of fewer than 9 million people.
When New York refused to enable mobile wagering immediately after the Sports Betting Act, New Jersey was allowed to take the lead in sports betting. Former New York Gov.
Andrew Cuomo claimed for years that legalizing mobile betting would be a violation of the state’s constitution. Still, after years of debate, the state finally allowed it on January 9, this year.