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Wednesday, December 4, 2024
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    Sports Betting

    New Yorkers Have Bet Almost $1B Since Start of NFL Season

    • Through Week 3, New Yorkers have reportedly bet close to $1 billion.
    • Since sports betting became legal in New York, fans have bet $11B.
    By
    Sep 30, 2022 | 09:29 am
    Danielle Parhizkaran-NorthJersey.com

    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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