New York Sports Betting Handle Tops $3 Billion

New York Sports Betting Handle Tops $3 Billion
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New York sports betting continues to rack up big numbers.

According to New York State Gaming Commission figures released Friday,

from Jan. 8 through the end of February, bettors have wagered $3.16 billion in the state. This betting total earned New York $104.3 million in tax revenue.

Mobile sports betting became legal in New York on Jan. 8, in time for the NFL playoff games and the Super Bowl on Feb. 13. These contests are always among the most heavily wagered events in the country.

Among the online bookmakers operating, FanDuel New York Sportsbook has seen the most betting action since mobile wagering began in early January.

From the Jan. 8 launch through Feb. 27, FanDuel’s handle was $1.07 billion.

FanDuel’s Betting Numbers Remain High

FanDuel also took in the most bets during the last week of February.

From Feb. 21-27, FanDuel accepted $131,988,617 in mobile sports bets, the largest amount among the online bookmakers in New York at that time.

During the last week of February, the seven bookmakers had a combined handle of $350,316,283. The “handle” is the amount of money bettors wager on events.

New York Launch Includes Four Online Bookmakers

When mobile wagering began in early January, four of the nine state-approved online bookmakers began accepting bets right away. These four are BetRivers, Caesars Sportsbook, DraftKings and FanDuel.

This group was followed by BetMGM, PointsBet and WynnBET. The most recent to go live in New York is Resorts World’s WorldBET, which began accepting online wagers this week.

The last of the original nine to begin operating in the state will be BallyBet, which is expected to be available in the first half of this year.

Heavy Wagering Expected for March Madness

The online bookmakers saw record-setting results in New York from Super Bowl betting. From Jan. 8 through Feb. 13, bettors placed $2.4 billion in wagers, earning the state more than $78.5 million in tax revenue.

The next major event is the NCAA men’s and women’s March Madness basketball tournaments.

The men’s tournament, usually among the most active wagering events nationwide, begins March 15 at sites around the county. The tournament ends with the Final Four matchups on April 2-4 at the Caesars Superdome in New Orleans.

Mobile Wagering Tax Rate Expected to Remain at 51%

State Sen. Joseph P. Addabbo Jr., D-Queens, told Gambling.com he expects the wagering figures to remain strong through March Madness and beyond.

Even after March Madness is over, New York will benefit from the large number of popular professional and collegiate teams that attract interest, Addabbo said.

“This is the sports capital of the world,” the senator said.

With sports wagering off to a good start in New York, any discussion about lowering the tax rate on the industry is “premature,” Addabbo told Gambling.com.

The state’s 51% tax on mobile wagering revenue is the nation’s highest.

Addabbo said the state was “extremely clear” about tax rate from the beginning.

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