The mobile sports betting market in New York is off to a flying start. After years of waiting to be able to legally place their online wagers in-state, New Yorkers flooded the betting apps, placing $603 million worth of wagers during the online gambling launch.
On Friday, the state’s Gaming Commission released the initial figures for the New York online betting market. The $603 million wagered since the first bet was placed on January 8, amounts to $67 million per day. These are easily record-shattering numbers, as the largest monthly amount so far, $1.3 billion, was recorded in New Jersey in October. This means that the daily amount of sports wagers in the Garden State was $41.9 million.
In the week between January 8 and 16, bets on football, basketball, hockey, and other sports in New York produced a gross gaming revenue of $48.2 million. The early success had a great impact on the state of New York’s finances, too. The state imposes a hefty 51 percent tax rate on mobile sports betting revenues. This means that, in just a week, the state pulled in $24.6 million.
During the first two weeks since NY legalized online sports betting, has shown why it was long considered as the most profitable gaming market. The results after only two weekends and nine days make this the most successful launch so far, surpassing Pennsylvania which held the record until now. The November launch in the Keystone State generated $23 million worth of revenue for the whole month.
Betting analyst, Mike Mazzeo, noted that the betting volume so far is surpassing even the most optimistic predictions. A big part of the success of the launch is the enthusiasm of the New Yorkers as they finally can wager on mobile apps in their own state. The heavy mobile betting promotion and overwhelming marketing campaign from the operators also played a big role.
Timing the launch to coincide with the start of the NFL playoffs helped too. All this contributed to the fact that, when it comes to online gambling, New York will likely be in a league of its own.
Brad Maione from the state’s Gaming Commission commented that they’re very satisfied with the handle so far. The initial figures show that there’s a lot of interest in mobile wagering and that licensed providers and their apps are easily accessible.
Chairman of the racing, gaming, and wagering committee, Sen. Joe Addabbo Jr. (D-Queens), also expressed his satisfaction with the early returns, He noted that these are great numbers, well above expectation. With the Superbowl and the rest of the NFL playoffs coming soon, the revenue will probably rise even further.
As for the betting operators, Ceasar’s Sports Book is the leader so far, with $257.7 million wagered and gross revenue of $22.7 million. FanDuel received $200.4 million in bets, generating $14.1 million in revenue. Draft Kings sportsbook follows with a $134.4 million handle and $10.9 million in revenue, while BetRivers has $10.6 million worth of bets, generating a revenue of $446,696.
Source: NYers bet $600 million in mobile sports gambling launch From Nypost.com.