Gone are the days of driving across the Outerbridge to place your Sunday soccer bets in New Jersey.
Since New York legalized and adopted mobile sports betting on Jan. 8, New Yorkers have quickly eclipsed $1 billion in wagers and are nearing the record for most money wagered by a state in a single month. As of last Friday, bets placed in the Big Apple topped $1.18 billion in just 16 days — approaching New Jersey’s monthly record of $1.3 billion set in October.
Last week’s results, which have not yet been released, are expected to put the Empire State in the lead. New York players have generated tens of millions of dollars in tax revenue along the way.
The New York State Gaming Commission released handle and revenue reports for all five active NY operators – Caesars Sportsbook NY, DraftKings Sportsbook NY, FanDuel NY, BetMGM and BetRivers NY – for the week ended January 23rd. PointsBet meanwhile was launched on January 24th but was not included in the count.
According to LegalSportsReport.com, the five sportsbooks generated the following total stakes: Caesars ($229.7 million) led, while FanDuel ($159.6 million), DraftKings ($131.1 million), BetMGM ( $40.5 million) and BetRivers ($11.6 million) topped the list. followed.
For the week, they reported a total of $43.2 million in gross gaming revenue. At a New York tax rate of 51%, the total generated $20.7 million in taxes.
PointsBet has already joined the fray, with Bally Bet, Resorts World Bet and WynnBET expected to do so later this year.