New Yorkers placed a record-shattering $603 million in bets during the launch of mobile sports gambling, according to initial figures released by the state Gaming Commission on Friday.
The wagers on football, basketball, hockey and other sports generated $48.2 million in gross gaming revenues from Jan. 8-16.
That means New York — which imposes a whopping 51 percent tax rate on mobile sports betting operators’ revenues — has already pulled in $24.6 million for state coffers.
Over the course of two weekends and nine days, New York has already surpassed Pennsylvania as having the most successful launch. The Keystone State generated $23 million in sports betting revenue for the entire month of November 2021, according to gambling analysts at PlayNY.com.
The $603 million in bets during the launch amounts to $67 million per day in wagering.
By comparison, New Jersey previously set the US record for bets in a month with $1.3 billion in October, or about $41.9 million in sports wagers per day, PlayNY said.
“Betting volume is outstripping even the most optimistic projections so far. Some of this is enthusiasm over finally getting mobile sports betting,” said PlayNY.com analyst Mike Mazzeo.
“Some of this is heavy promotion from the operators. The bottom line, though, is New York is playing in a league of its own.”
Gaming Commission Brad Maione said, “We have been pleased with the handle [amount wagered], which indicates interest in mobile sports wagering and accessibility to the licensed providers.”
So far, so good said state Sen. Joe Addabbo Jr. (D-Queens), who chairs the racing, gaming and wagering committee.
“These are great numbers. It’s a solid start and we have the National Football League playoffs and the Super Bowl coming up,” Addabbo said.
The early reports found:
- Caesar’s Sports Book led the pack, posting $257.7 million in bets, generating $22.7 million in gross revenues.
- FanDuel recorded $200.4 million in bets and $14.1 million in revenues.
- Draft Kings reported $134.4 million and $10.9 million in revenues.
- BetRivers enticed $10.6 million in wagers and $446,696 in revenues.
“We will see if NY can keep up these massive numbers as the sports calendar turns and promos for new users start dying down,” PlayNY.com said. “However, this report certainly inspires encouragement as the state has the potential to become the No. 1 sports betting market in the US.”
Addabbo’s only complaint is that the Caesar’s launch suffered from online glitches that impacted customers attempting to place bets.
Before phone and internet sports betting was approved, gamblers could only place wagers on games at upstate casinos, an inconvenient trek for many downstate residents.
Many city residents simply set up mobile accounts and crossed the Hudson to place phone bets in neighboring New Jersey.