New York hits nearly $2bn in wagers in just 30 days
These numbers, announced by Governor Hochul, raised over $70m in tax revenue.
New York sports betting has been a smash hit for residents of the Empire State, with almost $2bn in wagers taken in just 30 days of operation.
Specifically, the state’s handle came in at $1.98bn, generating gross gaming revenue of $138m. New York, with its markedly high tax rate, takes 51% of this revenue, raising $70m for education, youth sports and problem gambling initiatives.
Governor Kathy Hochul was keen to highlight the benefits sports betting can bring to the state.
She said: “Over the past month, we’ve seen how mobile sports wagering can be an economic engine for New York, driving significant funding to our schools, youth sports, and so much more.
“As this new industry continues to grow, New York will make sure we have the resources and guidelines in place to make it a success for all.”
According to GeoComply, 1.76 million separate users placed bets during the state’s first month of betting, with over 187 million transactions. Football brought in the most money, with $600m, it was closely followed by basketball with $540m. Hockey also had a positive month, with a handle of $80m.
Gaming Commission Executive Director Robert Williams added: “With Governor Hochul kicking off mobile sports wagering on January 8th, there is no doubt there is strong interest in online sports betting in the Empire State, which has just set a national record for monthly tax revenue.”
Prior to launch, the Empire State selected nine operators to provide their sports betting offerings in the region. Currently, Caesars Entertainment, DraftKings, FanDuel, BetMGM, PointsBet and Wynn Interactive all have platforms available in New York.
Speaking on the state’s sports betting market State Senator Joseph Addabbo Jr. commented: “When we brought mobile sports betting to New York, we had confidence it was going to be a success, but to be able to break the national record of total handle for sports betting in a single month in our very first month, with primarily only six sportsbooks, is both rewarding and promising.
“Breaking this record proves that New York was ready for mobile sports betting and we are providing our state with a new significant revenue, educational and addiction funding source. It also can give us an indication of where we go from here, building upon a solid foundation especially with the Super Bowl and March Madness within our sights. The future is extremely bright for mobile sports betting in New York!”
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
