Online sports betting in New York brings in nearly $2 billion in wagers

Online sports betting in New York continues to break sports betting records.

New York took in $1.98 billion in bets in its first 30 days of online sports betting, according to Governor Kathy Hochul in a press release.

$2 billion in online sports betting in New York

Its first 30 days of existence overlapped two months, but even at the end of the calendar month of January, New York brought in $1.625 billion in wagers from January 8 through January 30.

New Jersey held the previous handful record of $1.3 billion set in October 2021.

“Over the past month, we’ve seen how mobile sports betting can be an economic engine for New York City, generating significant funding for our schools, youth sports and much more,” Hochul said in the release. “As this new industry continues to grow, New York will ensure we have the resources and guidelines in place to make it a success for all.”

$70.6 million in sports betting taxes

Total gross gaming revenue for the state was over $138 million and, at a 51% tax rate, brought in over $70.6 million in tax revenue. Tax revenue from New York’s online sports betting supports elementary and secondary education, grants for youth sports programs, property tax relief, and gambling prevention, treatment, and recovery services problem.

The New York State Gaming Commission has yet to release management and revenue reports for Caesars Sportsbook NY, DraftKings Sportsbook NY, FanDuel NY, BetMGM, PointsBet NY, WynnBET NY and BetRivers NY for the week se ending February 6.

However, with seven sportsbooks now available in the Empire State and the Super Bowl being played last Sunday, February will likely be an even bigger month for New York.

Assemblyman J. Gary Pretlowa longtime supporter of sports betting in New York, applauded the Empire State’s efforts.

“With over $1 billion in sports betting in the first month, New York State is poised to become the sports betting capital of the world. I am pleased that the Gambling Commission proceeded hastily to get the decision from the incumbent operators two weeks ahead of schedule,” he said in a statement.

Additional New York Sportsbooks on the way

WynnBET launched last week, bringing the state’s total operating books to seven. It will be interesting to see how much of a difference this additional bookmaker adds to the total handle and earnings figures.

Bally Bet won’t join the fray until at least April. It’s unclear when Empire Resorts will launch.

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