New Yorkers have placed a record-setting $603 million in bets since the debut earlier this month on January 8 of the mobile sports wagering market, according to figures released by the state’s Gaming Commission on Friday. Bets generated $48.2 million in gross gaming revenues from January 8-16.
Moreover, mobile sports betting, taxed at a high 51%, has resulted in $24.6 million for state coffers, reports the New York Post. The two weekends and nine days since launch have made the state surpass Pennsylvania for the most successful launch ever: the Keystone State had generated $23 million in sports revenue in November 2021.
The figures released paint a positive picture for the state, one that sets New York on its way to surpass New Jersey, the current king for sports betting in the US. The $603 million in bets since launch amounts to $67 million in wagers per day, while New Jersey, which posted the record for bets in a month with $1.3 billion in October, had about $41.9 million in daily handle that month.
“Betting volume is outstripping even the most optimistic projections so far. Some of this is enthusiasm over finally getting mobile sports betting,” said PlayNY.com analyst Mike Mazzeo. “Some of this is heavy promotion from the operators. The bottom line, though, is New York is playing in a league of its own.”
According to the Gaming Commission, Caesars Sportsbook placed the most bets at $257.7 million, generating $22.7 million in gross revenues. It is followed by FanDuel, with $200.4 million in bets and $13.1 million in revenues, while DraftKings reported $134.4 million in bets and $10.9 million in revenues. BetRivers placed fourth with $10.6 million in bets; $446,696 in revenues.
“We will see if NY can keep up these massive numbers as the sports calendar turns and promos for new users start dying down,” an analysis from PlayNY.com said. “However, this report certainly inspires encouragement as the state has the potential to become the No. 1 sports betting market in the US.”
Should the figures be projected over a full month, they would exceed $1.2 billion in handle, rivaling the best months New Jersey’s has ever had, reports The San Diego Union-Tribune. “There is no doubt that New York will eclipse New Jersey as the number one sports betting market in the nation,” New York state Sen. Joseph Addabbo Jr. said, according to the source.
“We always knew New York had this kind of potential, just by how many New Yorkers had been going over to New Jersey to bet,” Addabbo added. “What’s really amazing is we did this with only four sportsbooks operating, with more to come online soon.”
The senator, who chairs the racing, gaming and wagering committee, expects the state to keep delivering “great numbers,” with the National Football League playoffs and Super Bowl coming up. The presence of the Buffalo Bills in the playoffs could further help drive interest among bettors.
“We have been pleased with the handle, which indicates interest in mobile sports wagering and accessibility to the licensed providers,” commented on the launch Brad Maione, Director Of Communications at New York State Gaming Commission, according to the New York Post.
BetMGM is the only company in the state which has yet to report its initial results for the month, due to having launched later in January, on Jan. 17. Its report for its first week in the state is expected when numbers for the week ending January 23 are posted. These figures are believed to be more than positive.
“I’m delighted with how it’s gone: we’ve broken all of our records. It was the best first day of any live launch,” Adam Greenblatt, Chief Executive Officer of BetMGM said last week. “We broke records for most registrations, for most first-time depositors, for deposits, for most for bets, for handle, and what I found particularly pleasing was our technology performed flawlessly in line with our expectations, notwithstanding the volume.”