In New York, sports betting is another story
After 6 months of legal sports betting in New York State, the Governor's Office has reported that over $300 million in taxes and fees had been collected. In this way, in six months New York has entered more in cash than New Jersey since 2018. New York is definitely a different story.
Mobile sports betting has broken all records in New York State. More than 300 million dollars have been collected in taxes and fees in the first 6 months of the year. ©Anthony Rosset/Unsplash
Predictions fell short
When the mobile sports betting market was finally legalized this year in the state of New York the most optimistic predictions foresaw that the state could raise about 250 million dollars , including 200 million for licensing fees, an already important figure.
But the numbers made public by the office of the state's governor, Democrat Kathy Hochul, have surprised locals and strangers. There have been more than 300 million that have gone to the state coffers and only in 6 months! So by the end of the year the figure could easily double. This means that in the state of New York a sum close to one billion dollars has been moved in sports betting.
The truth is that the legalization of the online gambling market in the United States is being a success . Educational, sports support and anti-gambling programs and in favor of responsible gambling they will benefit from this income that has made the governor of the State smile.
A comparison is sufficient to give a sample of the magnitude of the collected . According to data from the Governor's Office, in the neighboring states of New Jersey and Pennsylvania, the collection had reached 265 and 237 million dollars respectively, but since June 2018.
In January New York announced that it legalized mobile betting, with the first sports betting apps being those of Caesars, DraftKings , FanDuel and Rush Street. Today there are 9 operators who have obtained a license from the state :
- Caesars Sportsbook
- DraftKings
- FanDuel
- Rush Street Interactive (BetRivers)
- BetMGM
- PointsBet
- WynnBET
- Resorts World Bet
- Bally Bet
These were the nine operators approved by the New York state commission in November 2021. But in January only the first four had satisfied all legal requirements to operate bets with the mobile.
The undisputed market leader is FanDuel, which accounts for more than 50% of the gross sports betting revenues in the state. The operator would have stated that they are over $100 million in bets every week .
Wide sports offer
Both New York and New Jersey prohibit betting on college teams, although Pennsylvania does allow them. But the offer of professional sports in New York is simply impressive , from the basketball, baseball or ice hockey leagues to the US Open tennis.
- Baseball/MLB: New York Mets & New York Yankees
- Basketball/NBA: New York Knicks & Brooklyn Nets
- Women's Basketball/WNBA: New York Liberty
- Ice Hockey/NHL: New York Rangers & New York Islanders
- Football/MLS: New York City Football Club & New York Red Bulls
- American Football/NFL: New York Giants & New York Jets
