Between January 8 and January 30, the Empire State handled $1.6 billion.
The advent of online sports betting in New York was expected to be a game changer in the gaming sector. However, not everyone anticipated such a huge success. Indeed, the Empire State has already obliterated betting records on a monthly basis.
According to the New York State Gaming Commission, New Yorkers are betting at a rate unheard of in any other regulated jurisdiction, with the state’s handle reaching $1.6 billion in just 22 days.
“New York supplanting New Jersey as the nation’s top sports betting market was inevitable, but few expected it would take only three weeks,” says Mike Mazzeo, PlayNY’s chief analyst.
“Once the football season is over, betting should settle down as providers reduce their promotional spending. Nonetheless, it’s apparent that New York will continue to be the country’s leading sports betting market for the foreseeable future.”
This is the first time that a state other than New Jersey has topped the sports betting handle list since January 2020, and it surpasses New York’s previous monthly record of $1.3 billion.
FanDuel took the most bets in the final week of betting in New York, with $141.8 million, followed by Caesars Entertainment and DraftKings with $128.1 million and $102.2 million, respectively.
Finally, just 22 days after legalized sports betting went into effect, the activity generated $57.6 million in tax revenue. This is more than double what any other state has in terms of tax revenue.