New York Mobile Sports Betting Handle Exceeds $5 Billion
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With mobile sports betting in New York reaching 100 days, the amount of money bet on sports has eclipsed $5 billion.
Starting with the Jan. 8 mobile launch, bettors statewide have wagered a nation-leading $5.33 billion on sports, using their smartphones and computers.
This amount is based on totals dating from the launch date through last week, according to the New York State Gaming Commission.
On-site sports betting has taken place inside upstate New York casinos since 2019, but has been illegal on mobile apps until the beginning of this year.
Since then, eight approved online bookmakers have gone live in the state, with a ninth, BallyBet New York, expected to begin accepting wagers soon.
Three Bookmakers Top $1 Billion Each In Bets Accepted
Three national online bookmakers have accepted more than $1 billion each in mobile sports bets.
These are:
- FanDuel New York Sportsbook: $1.96 billion
- DraftKings New York Sportsbook: $1.3 billion
- Caesars New York Sportsbook: $1.29 billion
Last week, the books took in this amount:
- FanDuel New York Sportsbook: $142 million
- DraftKings New York Sportsbook: $83.5 million
- Caesars New York Sportsbook: $49.3 million
Since mobile sports betting began, the state has collected $174.7 million in taxes from the eight online bookmakers combined.
In New York, mobile sports betting revenue is taxed a 51%, the highest rate in the nation, along with New Hampshire’s 51% online tax rate.
New York Gov. Kathy Hochul, a Democrat, has praised mobile sports betting’s success, saying it can be “an economic engine for New York, driving significant funding to our schools, youth sports, and so much more.”
Three Casinos Slated For New York City Area
As mobile sports betting continues its record-setting pace in New York, approval for three downstate Las Vegas-style casinos has been fast-tracked under a $220 billion state budget the Legislature recently OK’d.
Four commercial casinos already are located in upstate New York. The recent legislative agreement would place an additional three somewhere in New York City’s five boroughs, on Long Island or in the lower Hudson Valley.
Of the three slated for the downstate area, two are thought to have an inside track.
These are MGM’s Empire City Casino, a harness track and casino in Yonkers, and Resorts World Casino in Queens. The Resorts World site is at the Aqueduct horse track near Kennedy International Airport.
These two casinos already offer slot-style video lottery terminal games. However, Empire City and Resorts World cannot add table games such as craps and blackjack without being licensed as full casinos.
Licensing will be overseen by the New York State Gaming Commission.
Judging from success in NY, it's clear why other states such as Ohio and Maryland are looking to regulate online sports betting. While their betting handles won't be this big as they are smaller states, Maryland sportsbook apps will still help sports betting more accessible to the local residents.
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