Last month we wrote about the legalization of mobile sports betting in the state of New York and the influence that the success of its neighbor state of New Jersey had on the decision.
The first several days of legal sports betting in New York have already seen record numbers, and 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 the aforementioned state of 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 as New York State did too.
New York’s tax rate on betting revenue is 51%, meaning the state has already made $24.6 million which is more than any other state. The record was previously held by Pennsylvania, which made $23 million in November.
With the launch of BetMGM on January 17th 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, according to PlayNY.
These figures will likely continue the domino effect to several other states, which will follow suit and legalize the mobile sports betting industry, bringing in large tax profits and new revenue streams.
