Home » Legal NY Mobile Sports-Betting Yields $3B In Wagers in First Two Months
The New York State Gaming Commission has announced that mobile sports betting providers in the state have handled $3.1billion in bets and made $204.6 million in gross gaming revenue.
As the Empire State’s sports betting tax rate is set at 51%, over $104.3 million has been generated in tax revenue.
The total handle for the week ending February 27 was $350,316,283 – a $3 million decrease compared to the total handle for the week ending February 20. However, with March Madness starting on March 15, many expect online sports betting platforms in New York to see another boom in the coming weeks.
Legal Online Sports Betting in January Broke Handle Record
New Yorkers wagered over $1.6 billion using betting wagering apps in the first month since their launch.
After smashing previous records set by neighboring state New Jersey ($1.3 billion in October 2021), the Empire State has become the US sports betting capital. A New York gambling bill which would legalize online casinos in the state is also in the works.
New York Online Sports Betting Providers
The New York Gaming Commission released individual revenue reports for all the licensed sportsbooks in New York – Caesars Sportsbook NY, DraftKings Sportsbook NY, FanDuel NY, BetMGM, WynnBET NY, PointsBet NY, and BetRivers NY – for the month ending on Feb. 27.
Total handles for each sportsbook for the last week of February (ended on Feb. 27):
Total handles for each sportsbook since the launch (January 8):
Mobile Sports Betting Revenues
For the week of Feb. 27, New York sportsbooks reported a total of $25,337,467 in gross gaming revenue.
Gross gaming revenues for the last week of February (ended on Feb. 27):
From Jan. 8 to Feb. 27, the total gross gaming revenues have been reported at $204,685,062, a total of more than $104.3 million in taxes for the state.
Total gross gaming revenues since the Jan. 8 launch:
The March-Madness Effect
Although New York does not allow bettors within the state to wager on college games featuring in-state teams and prohibits college player prop bets, the NCAA March Madness tournament is projected to generate a handle of $560 million. However, many NY bettors will circumvent these rules by placing wagers using offshore betting sites such as BetOnline or BetUS – as many did before online sports betting had launched in the Empire State.
If you’re thinking of doing this, make sure you use a platform that is reputable and suits your betting style. To quickly find a provider that’s right for you, check online sportsbook reviews at independent US sports betting sites like Vegas-Odds.com.
When Does March Madness Begin?
Selection Sunday takes place on March 13, before the First Four games on March 15. Therefore, the first mobile sports betting report that will include the March Madness handle will be released on March 25. The college basketball tourney will also have an impact on April’s sports betting handle as the championship game takes place on April 4 at Caesars Superdome in New Orleans, Louisiana.