New York Tops $6 Billion In Mobile Handle, Prepares For Downstate Casinos
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Mobile sports betting in New York has topped $6 billion in money wagered, shattering that milestone in less than five months.
From the Jan. 8 launch of mobile sports betting through May 1, bettors in New York have wagered $6.27 billion on sporting events.
Those bets have resulted in $216.8 million in taxes paid to the state, according to New York State Gaming Commission totals released Friday.
Of the eight online bookmakers authorized to operate in New York, FanDuel Sportsbook has accepted the most bets, collecting $2.38 billion in wagers.
The company, owned by Dublin, Ireland-based Flutter Entertainment, has paid $88.9 million in taxes from sports betting revenue.
Mobile sports betting in New York is taxed at 51%, the highest rate in the nation, along with New Hampshire’s.
Billion-Dollar Club
Two other online bookmakers are in New York’s billion-dollar-plus club.
Since mobile wagering became legal in January, Boston-based DraftKings Sportsbook has accepted $1.51 billion in sports bets, and paid $51.6 million in taxes.
Caesars Sportsbook also is in the club. The Nevada-based company has accepted $1.44 billion in wagers and has paid $57.1 million in taxes.
Empire State iGaming A Matter Of Time, Senator Says
While mobile sports betting continues to post strong results, other gaming proposals are moving forward in New York.
One example is a plan by state Sen. Joseph Addabbo, D-Queens, to legalize iGaming in the Empire State. This would allow people to go online to play blackjack, poker, slots and more.
Next door in Connecticut, more than 500 legal online betting games are available to iGaming players. The revenue from iGaming in Connecticut far outpaces the sports betting handle.
Addabbo told Gambling.com that iGaming could bring in more money than sports betting in New York, too.
The senator said he expects iGaming to be legalized in New York at some point in the near future.
Casino Gaming Slated For New York City
The state also has agreed to open three land-based casinos in the New York City area. Four commercial casinos already are operating in upstate New York.
Approving site locations for the three downstate casinos is expected to take time. No deadline has been set for when these casinos must be opened to the public.
Two locations are thought to have a built-in advantage. One is the Empire City harness track in Yonkers, just north of the Bronx. The other is the Resorts World property at Aqueduct Racetrack in Queens.
Empire City and Resorts World already have gaming floors with video lottery terminals, but these two racinos cannot add table games, such as craps or blackjack, without landing a full casino license.
A third license is expected to be issued to a casino developer who wants to open a resort in Manhattan or another site in the metropolitan area.
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