Sports fans have been wagering on mobile sports betting apps in record numbers — in major part due to the NFL season.
Since the regular season began, New Yorkers have bet close to $1 billion, according to The Action Network. Week 3 alone comprised a major share of that total, seeing more than $301 million in bets.
Sports betting became legal in New York state in January. Since then, fans have placed $11 billion in bets.
Despite the 10-figure activity, sports betting operators themselves are struggling to make substantial revenue. DraftKings is projected to lose $800 million this fiscal year, while BetMGM lost $71.2 million in Q2 alone.
The state of New York, on the other hand, is cashing in. Albany implemented a hefty 51% tax on mobile betting, and can expect to earn at least $450 million as of now.
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