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New York Sports Betting Revenue Soars Past $25 Billion
The history of New York sports betting has been marked by a transformative journey, culminating in its current status as the largest legal sports betting state in the US.
The state’s journey towards legal sports betting took a significant step forward in July 2019, when the New York State Gaming Commission approved regulations for sports wagering. The first legal sports bets were placed in the state in July 2019 at the Rivers Casino in Schenectady.
Subsequently, in January 2021, mobile sports betting was authorized as part of the state budget, allowing residents to place bets from their smartphones on some of the best betting apps. New York's status as the largest legal sports betting state is driven by its immense population and sports-crazed communities, making it an attractive market for sportsbooks and bettors alike.
New York Sports Betting by the Numbers
New York witnessed an impressive two-fold initiation of sports betting. Concerning the mobile sports betting inauguration, the financial returns for sports betting in New York started at $64.8 million in January 2022. Within just two months, by March 2022, the revenue experienced a significant surge, reaching $93.3 million.
In the blink of an eye, a mere four weeks later, the figure reached $100 million, thanks to the fervor surrounding sports betting in April 2022. Nevertheless, a slight dip in revenue slumbered during June and July.
Notwithstanding, since that momentary slump, the revenue from sports betting in the Empire State has effortlessly reached or exceeded the $100 million mark for an uninterrupted streak of 11 consecutive months. When recently tallying up the figures for June 2023, New York was astounded to find themselves endowed with a staggering $103.9 million in earnings.
New York Sports Betting Continues to Soar
Sports betting handles vary depending on the set time frame. Out of all the states providing sports betting, New York holds the top spot. Since January 2022, the total wagers placed in New York have skyrocketed past $1 billion and shown no signs of slowing down.
In the 10 consecutive months following July and August 2022, the sports betting handle in the state has consistently surpassed the $1 billion mark, except for those two months, when it remained slightly above $800 million.
The peak of sports betting revenue in New York occurred in January and March of 2023, reaching an impressive $1.7 billion. In June, the handle closed at $1.1 billion.
In July, wagers increased 20% compared to July of last year. Revenue also increased, adding 43% to the July 2022 figure.
What's Next for NY Sports Betting?
As the football and basketball seasons approach, the future of sports betting in New York holds even greater promise and anticipation.
With these two major sporting seasons garnering substantial attention and engagement, the state's legal sports betting industry is poised for a surge in activity.
The convergence of football and basketball, both immensely popular in New York, is likely to result in a significant uptick in wagers as fans eagerly participate in betting on their favorite teams and players. New York will likely report even bigger year-on-year gains than those from 2021 to 2022.