NY mobile sports bettors have spent a whopping $5.33 billion since January 8th, within 100 days of market launch, setting a new industry record. Three of the eight mobile operators have processed over $1 billion in wagers to date.
The Empire State is taking its rightful place on the leaderboard as it has always done in several key sectors in the USA. This time, it has taken a leading role in the online and mobile sports wagering market and boy has it taken off. Within the first 9 days of the market debut, New Yorkers had already spent over 600 million, and a week later, the state had scored its very first billion-dollar monthly handle. It was the first US state to achieve such success in such a short period.
Now, according to the latest updates by the New York State Gaming Commission (NYSGC), mobile sports bettors have spent $5.33 billion in just 100 days since the launch of regulated mobile sports betting on January 8th. Once again, the Empire State has shattered industry records, in an amazingly short period too! Mind you, this only spells the beginning of mobile sports betting in the state since there are only 8 operators currently active. Based on the current trend, the prospect of more joining in means that New York’s performance will get a lot stronger in the coming months.
Indeed, New York is the “concrete jungle where dreams are made”. As far as mobile sports betting is concerned, the Empire State is sticking to that script. In June 2021, Illinois had set the record for being the fastest state to surpass the $5 billion mark, a fete that it achieved in 16 months. Illinois had then broken New Jersey’s record of hitting a $5 billion lifetime handle in 18 months. With this in context, it is super impressive that New York was able to clear the mark in under 3 months. There’s truly no such thing as impossible in the Empire State.
Breaking Down the Sports Betting Figures
The launch of sports betting in the state was no doubt bolstered by the fact that the Superbowl and March Madness, the country’s two biggest sporting events would soon be happening. It was a wise move from the state that is now reaping the benefits of great timing. From the report released by the NYSGC, since the launch of sports betting in the state, the eight online sportsbooks have accepted $4.994 Billion in wagers.
Crunched figures show that three national bookmakers broke through the $1 billion ceiling. The trio – FanDuel, DraftKings, and Caesars, have done phenomenally well due to their extensive marketing efforts before the launch of mobile betting in the state. The specific numbers are as follows:
Per the same NYSGC report, the weekly numbers (March 28th to April 3rd) went down slightly to $321.1 Million. That figure is the lowest recorded since the onset of mobile betting in January. However, that slight dip in numbers shouldn’t give the experts in this industry sleepless nights. This can be attributed to March Madness coming to an end. The onset of the NBA and NHL playoffs means that we are likely to see these numbers shoot up once again. With the MLB season also on the horizon, the New York numbers ought to continue being as impressive as they have been all this while.
Additionally, having such remarkable numbers in wagers also means that the state is bringing in tons of money for its coffers. With $174 million collected so far in tax from the $5 billion-plus handle, the controversial 51% tax stipulation is certainly working out great. The 51% rule, which is one of its kind in the country, requires that national bookmakers give out 51% of their revenue to the state as tax.
It has been a hot topic for some time in the state with many calling for it to be revised to allow for additional operators to join the New York market. It was so contentious that some operators had held off the New York market, sighting that the 51% stipulation was too high for them. Across the country, it is normal for operators to pay between 5 to 10 percent to the states they are operating in as tax.
Sports Betting Groundwork Had Been Laid in 2019
Whilst mobile betting only just started in the Empire State on January 8th this year, in-person betting has been there since 2019. Back then, sports betting had to go to the upstate New York casinos to place their bet.
Come January 2022, the Empire State was ushered into a new era of success thanks to the convenience that was brought by mobile device wagering. The 100-day performance has now placed the state on track to become the most successful betting state in the country.
Meanwhile, New York is also working to add three more retail casinos in New York. While the locations for the new casinos are yet to be announced, the plans are already in the advanced stages. These three casinos were recently factored in New York’s budget for the fiscal year 2023 – which was okayed by legislators and rubberstamped by Governor Kathy Hochul.
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