New York’s development as an online sports betting destination has been faster than expected. It only took the state 4½ months to climb into the top 5 all-time in terms of online sports betting business.
The Empire State has already surpassed Indiana in online wagers, reaching $6.9 billion through May 15th, thanks to the launch of sports betting on Jan. 8th.
New Jersey has collected over $24 billion since August 2018, when it began accepting bets. Nevada, which started offering online wagering in 2010, has already taken in close to $14 billion during the fall of PASPA.
NY Sports Betting Expected to Continue Bringing in Over $1 Billion
In each of its first four months, New York generated more than $1 billion in online sports betting transactions. That run has a chance to continue for another five months, as NY online sportsbooks have taken in over $660 million in bets through May 15.
New York surpassed a previous monthly record of $1.6 billion in February, establishing a new monthly best for the United States.
The New York team’s handle has been in a tailspin for much of the post-NFL/March Madness sports season. The last four weeks definitely give off a Coney Island Cyclone vibe:
- April 24: $334.7 million
- May 1: $295.2 million
- May 8: $331.7 million
- May 15: $286.2 million
The May 15 total of $262.2 million is the lowest since NY online betting began. Despite this, NY sportsbooks were able to gather a total gross gaming revenue (GGR) of $31 million during the week.
FanDuel and DraftKings are Leading the Charge for NY Sports Betting ;
FanDuel Sportsbook NY dominated the market, with a 42% share and 57 percent of the total GGR May 8-15. Second place went to DraftKings New York, which had 25% of the market share and 20% overall revenue.
Overall, here are the online sports betting statistics for New York since it went live in January:
- Handle: $6.9 billion
- Total GGR: $493.1 million
- Tax Revenue: $251.5 million
Long-term sustainability might be an issue, but in the meantime, there’s no need for New York officials to make any adjustments. Sportsbooks have tried through lobbying and legislative efforts to reduce the tax rate by bringing in new operators, but these attempts have been unsuccessful.
New York is expected to generate more tax revenue than any other state at the end of May, regardless of the launch date.