New York’s Sports Betting Handle has Hit $603 Million Since Launch
Mobile sports betting in New York has been a massive success since its launch. According to the New York State Gaming Commission, sportsbook operators have accepted $603 million in wagers in the first two weeks.
That’s an average volume of $67 million in wagers a day.
Mobile Sports Betting Has Been A Successful Operation in the Empire State
The mobile sports betting operation has been around for a few days as four sportsbooks opened the biggest sports betting market in the industry. Caesars, DraftKings, FanDuel, and Rush Street Interactive handled wagers from January 8th through the 17th.
The sportsbooks had a combined revenue total of $48.2 million. Bettors across these platforms wagered a lot of money as customers placed $200.3 million in wagers on FanDuel, $257.6 million on Caesars, $134.7 million on DraftKings, and $10.6 million on RushStreet.New York’s sportsbook have taken in $38.2 million in revenue since launch.
The revenue that was generated during the short span meant that the sportsbook operators had an eight percent hold. New York’s market has broken records that easily surpassed Pennsylvania, which had the most successful launch in the industry.
Pennsylvania generated $23 million in sports betting revenue for the entire month of November 2021. New Jersey has been the model state for the industry, setting a record sports betting handle of $1.3 billion in October. That’s an average volume of $41.9 million in wagers per day for the month.
Caesars Sportsbook had the biggest handle so far because the online provider has had the most generous promotions. Many competitors were offering up to $1,000 in a risk-free bet, but Caesars went above and beyond by offering up to $3,300 in a risk-free bet.
FanDuel had a handle that was approximately 50 percent higher than competitor DraftKings. DraftKings’ stock price may have been heavily affected by this as the stock closed at $19.46 at close on Friday, which was a 52-week low.
BetMGM started accepting wagers on January 17th, and the company’s sports betting handle will be posted by the 23rd.
The Empire State’s Sports Betting Market Will Keep Growing
Adam Greenblatt, the Chief Executive Officer of BetMGM, said that MGM’s launch in the Empire State was the biggest in the company’s history. The numbers should be impressive when it does get posted.
Sen. Joseph Addabbo Jr. told the Associated Press that “We always knew New York had this kind of potential, just by how many New Yorkers had been going over to New Jersey to bet.”
New Jersey’s sports betting handle has not been affected as of late, but it is hard to deny the fact that New York will surpass New Jersey.
New York is home to approximately 20 million, and more operators will be joining the market shortly.
Bally Bet, PointsBet, Resorts World Bet, and WynnBET are all awaiting the green light to accept wagers in the state.
PointsBet is set to go live by the end of the month.