New York’s Sports Betting Handle Breaks Records in just 23 Days of Operation
The New York sports betting market has made waves in the industry. Bettors across the state have placed over $1.625 billion in wagers in just 23 days, surpassing the handle records across the board.
The six sportsbooks that are live in the state are Caesars, FanDuel, DraftKings, BetMGM, BetRivers, and PointsBet.
Comparing The New Sports Betting Capital To Other Markets
The Empire State is the most populous in the industry, and there is no doubt that it is the new capital in the industry. The sports betting handle surpassed Arizona’s record as the quickest to reach the $1 billion mark since the operation began.
Neighboring state, New Jersey, benefited from residents crossing state lines to place bets on numerous sporting events. That ship may have sailed because the last week of January made more sportsbooks available to the public.
New York’s sports betting venture is not even a month old yet, but it has already broken New Jersey’s industry handle record that hit $1.3 billion that was set back in October. Six sportsbook operators that conduct business brought in $449.3 million in bets during the last week of January.
Sportsbook operators combined for a gross sports betting revenue of $21.6 million or 4.8 percent. The state has the highest tax rate based on the revenue that is slated at 51 percent, which generated $11 million in taxes for the operators.
In just 23 days, operators had a combined tax total of $57.6 million. With the Super Bowl approaching, demand and awareness for sports betting have skyrocketed. Experts and other observers in the industry have already predicted that the Empire State could set a one-day record on Super Bowl Sunday.
FanDuel Sportsbook became the new handle leader last week as the operator brought in $141.8 million in wagers. Caesars Sportsbook lost the top spot, but brought in $128.1 million. DraftKings was the last sportsbook that brought in over $100 million in bets as the handle hit $102.2 million.
WynnBet Finally Launches in New York
After PointsBet launched in New York towards the end of January, WynnBet will become the seventh online provider to enter the market.
The formal launch was announced on Friday morning.
However, there’s a lot of news surrounding the interactive division. The division was once valued at $3.2 billion with a potential deal to go public through a SPAC merger, worth $3.2 billion, but the deal ultimately fell through. The steep discount is set at $500 million.
WynnBet also brought in Shaquille O’Neal to be the brand ambassador for the company. The Hall of Famer even sold his minority stake in the Sacramento Kings organization to avoid any issues surrounding the NBA’s gambling rules and regulations.
With all the news surrounding the company, WynnBET will gain access to the most lucrative market. The company will be one of nine operators to receive an approved license in the state.
WynnBet is now live in eight other states across the United States. This includes Louisiana, and the brand will also launch in Iowa shortly.