New York State Records All-Time High Wagers

The state of New York has set a record of $1.6 billion wagered after just a month of legal sports betting in the state.

On Friday, the New York State Gaming Commission startled the American sports betting industry when it revealed the number of wagers the state was able to generate from mobile sports since its three weeks launch, and it ran up to $1.6 billion- $300 million higher than the best month’s bets recorded by New Jersey.

According to the new figures, mobile sports betting brought that amount between January 9 and January 30. Live or in-person sports betting at the four recognized casinos in the state was about $15 million, increasing the total monthly bets wagered to $1.64 billion.

New Jersey, which had held the record for the highest mobile sports betting revenue in the United States, only generated $1.3 billion in its most rewarding month – October. However, the state is yet to publish its figures for January 2022. When it finally does on February 18, one doubts if it would beat the record set by the Empire State.

From the total $1.62 billion bets, operators in the New York market earned almost $113 million in revenue, taxed at 51% in New York. Caesars had the highest record at over $615 million bets wagered on its platform and nearly $56 million in revenue.

FanDuel is second with about $502 million in bets and $23.6 million in revenue. DraftKings follows with $367 million in bets and $27 million in revenue; BetMGM acquired $78 million in bets with $3.2 million in revenue; Rush Street Interactive took $32 million in bets and generated $837,035 in revenue; while PointsBet is last with $29 million in bets and $2.3 million in revenue.

This is great. Going back to the first week we started, we did as much in two days as we had in two years before that. And we’re still not even firing on all cylinders.

Sen. Joseph P. Addabbo Jr.New York State Senator

Bets wagered in the New York market seems not to be reducing anytime soon as WynnBET started taking bets in New York on Friday, and Bally Bet has yet to launch in the state.

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