New York Sports Betting Tops $1 Billion In A Month
New York’s astronomical sports wagering performance has catapulted them towards the record books, as the Empire State looks poised to exceed the monthly handle benchmark set by New Jersey in October.
Sportsbooks only landed in New York state on 8th January, but its local residents have already racked up betting spends of well over $1bn dollars. In accordance to data released by the New York State Gaming Commission on Friday, New York’s fledgling gambling enterprise had accumulated over $1.18bn in bets placed. This number is hot on the heels of neighbouring New Jersey, whose October figure surpassed the $1.3bn mark. And, given New York’s run rate up to Friday, this week could well see the Garden State lose its monthly handle crown.
Takings were further boosted at the start of last week, when operator PointsBet joined the local landscape. Up to this point, New York had facilitated thepresence of five operators, with Caesars, FanDuel, DraftKings, BetMGM, and BetRivers trading the new market.
PointsBet may well be rubbing their hands together. Last week, gross gaming revenue struck an eye-watering $43.2m. For the month, Caesars have registered an incredible $229.7m in sports betting handle alone. The other major benefactor is the New York State Department, who will be revelling in a pay-out of circa $20.7m, due to the 51% tax rate levied on sportsbook operators.
And the state looks set to further consolidate its position at the top of the sports tree. With Bally Bet, Resorts World Bet, and WynnBet all set to join the party.
Prior to this year, New York punters were having to amble over the state border into New Jersey to place sports wagers. This re-located expenditure will most likely lead to New York superseding the state that previously facilitated bets for its residents.
Is New York the new home of U.S sports betting? It certainly seems that way…..
