New York enjoys biggest sports betting month ever

New York has become the largest sports betting market in the United States. In its first month with mobile betting, the state broke the record for the largest handful of sports bets in a month.

  • In the first month with mobile sports betting available in New York, the state brought in over $1.6 billion in sports betting revenue and over $112 million in revenue.
  • As a result, New York became the largest sports betting market in the United States and overtook established giants like New Jersey and Nevada in just the first month after launch.

ALBANY, NY – In just one month, The New York Sports Betting Market solidified its position as largest sports betting market in the United States.

This comes after incredible success launch of mobile sports betting in January.

New York enjoys a successful first month with mobile sports betting

When New York launched the first of its mobile sportsbooks on January 7, many expected to see impressive management and revenue numbers, but few predicted such a strong performancee out of New York Mobile Sportsbook right off the bat.

Whatever the expectations, the New York legal sports betting market has established itself as the number one sports betting market in the country. in just thirty days.

According to Data published by the New York State Gaming Commission, sports betting in New York has generated a huge $1,624,919,978 in handful of sports bets within the first month after launch.

This is the largest one-month sports betting handful ever in any state. With more than $1.6 billion under management in the month, sports betting in the state brought in $112,999,078 in gross gaming revenue.

Sports betting in New York is subject to a 51% tax on sports betting incomei.e. the state banked nearly $58 million in sports betting tax revenue over the month.

A strong start puts New York on the path to success

New York’s strong management and revenue numbers for the month can be attributed to the first two days after launch. In the first calendar week after launch (which included January 7, 8 and 9), sports betting generated $171,298,257 in sports bets.

To put that into perspective, this is a handful larger (generated in just three days) than 12 legal sports betting jurisdictions toured. throughout the month of December.

During the first full week operational online sports betting, New York sports betting has $431,755,579 in handful. New York’s best week so far was the third week of January, when sportsbooks posted their single-week high of $572,552,146 in sportsbooks.

The state also ended the month on a high note, attracting $449,313,997 in handful of sports bets for the week ending January 30.

However, despite rotating a larger handful in the last week of the month than in the second week, gross gaming revenue down more than $13 million.

New York Sportsbook will be looking to reverse that trend as it enters its second month with online sportsbooks up and running.

New York beats the established titans of the industry

Nevada has long been considered the cornerstone of the American sports betting and gambling industry, and for good reason – for many years, sports betting in Nevada was the only destination for Americans to participate in betting. legal sportsmen, and the state thereafter accumulated more than 200 licensed sportsbooks.

As a result, Las Vegas is now synonymous with sports betting in the American lexicon. However, with the proliferation of legal sports betting across the United States in the late 2010s and early 2020s, Nevada has has seen its grip on the sports betting industry loosen considerably.

New York’s mobile launch appears to be another straw on the proverbial camel’s back – the Empire State’s sports betting handle was more than any recorded month in Nevada.

New York’s revenue for the month was more than Nevada’s sports betting revenue for November and December combined.

Even before the arrival of mobile sports betting in New York, another state was seeking Nevada’s status as a mecca for sports betting in the United States: New Jersey.

New Jersey was instrumental in the Supreme Court’s decision reversal of PASPA in 2018 and has a voracious appetite for sports betting. As a result, NJ has averaged over $500 million per month in sports betting since launch.

In 2021, New Jersey officially overtook Nevada as the largest sports betting market in the United States by stringing together four consecutive months with over $1 billion in sports betting.

However, New Jersey’s run as the nation’s premier sports betting market was of short timewhile the launch of mobile in New York enabled the State to beat the New Jersey record.

It is highly unlikely that New Jersey will be able to compete with New York sports betting in the future. While the huge disparity between New York and New Jersey’s population and GDP will certainly contribute to this, there’s another aspect that should cement New York’s dominance over New Jersey: their proximity.

A lot of New Jersey’s Sports Betting Prowess before the New York launch can ironically be awarded to New Yorkers. Without mobile sports betting in place, New York residents were jump over the border place their bets before returning home to New York.

While this situation helped New Jersey rise to the top of sports betting in America for a short time, the launch of mobile in New York should limit this phenomenon, resulting in lower revenue in New Jersey.

Barring unforeseen circumstances, New York is expected to remain the number one sports betting market in the United States for the foreseeable future. With more sportsbooks in New York launching every week and promotional spending likely starting to decline, sportsbooks in New York should be the envy of the US sportsbook industry for a long time to come.

News Tags: Las Vegas | Nevada | New Jersey | New York | New York State Gaming Commission | PASPA