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Sunday, February 25, 2024
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NY Online Sports Betting Operators Take In $150M During Weekend

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Stephen Lew-USA TODAY Sports/Design: Alex Brooks

New York opened online sports betting on Jan. 8, handling $150 million in its first weekend across DraftKings, FanDuel, Rush Street Interactive, and Caesars sportsbooks.

More than 650,000 player accounts contributed to the first weekend’s activities, and as of Jan. 18, GeoComply says 1.2 million accounts have been created from 878,000 unique users. Of those, nearly 88% are reportedly new to regulated betting.

BetMGM’s sportsbook commenced operations in the state on Jan. 17, becoming the fifth sportsbook to operate. As New York waits for four other licensed sportsbooks to meet state requirements, its mobile sports betting market is only projected to grow.

  • New York expects to bring in $249 million in revenue this year, jumping to $357 million in revenue in fiscal 2023.
  • By fiscal 2027, the state forecasts it will record $518 million in revenue per year.

New York has more than 20 million residents and one of the highest tax rates in any legal U.S. sports betting jurisdiction — 51% for 10 years. The state will use its revenue for youth sports programs, education, and addressing problem gambling.

Neighboring New Jersey

New Jersey is currently the largest sports betting state outside Nevada. The state’s geolocation transaction total jumped from an average of 12.6 million over the two weekends before New York opened mobile sports betting to 13.1 million after. 

Of New York’s activity, just 9.3% came from previous New Jersey bettors.

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