IT WON’T BE LONG BEFORE NY PASSES NJ AS LEADER IN SPORTS BETTING — TAKE IT TO THE BANK!
By Skip Charles
By any measurement, the first several days of legal sports betting in New York has been a massive success.
The state is on track to break $1 billion in bets in its first month.
New Yorkers bet $603.1 million between Jan. 8-16 using four mobile sportsbooks, according to the New York State Gaming Commission. The gross gaming revenue between the four operators — Caesars, FanDuel, DraftKings, and BetRivers — topped $48 million.
The state is on track to reach or top the current monthly record, held by New Jersey, which logged $1.3 billion in October.
The trend follows a massive opening weekend of $150 million.
Betting operators and fans weren’t the only ones to cash in — New York State did, too.
New York’s tax rate on betting revenue is 51%, meaning the state has already made $24.6 million — more than any other state, according to PlayNY.
The record was previously held by Pennsylvania, which made $23 million in November.
With the launch of BetMGM on Jan. 17 and pending launches of other sportsbooks, the numbers could continue to climb. The state of New York could make $249 million this year and over $100 million more in 2023. By 2027, $518 million could pour in annually.
