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New York State's Mobile Sportsbook Business Breaks Financial Record

16 february 2022
Author: James Burton
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Users of mobile betting projects from New York spent about $ 2 billion on wagers in the first 30 days of the legal bookmaker industry’s operation (from January 8 to February 6).

New York's mobile sportsbook business: financial record

The most popular sports in the state are as follows:

  • football — $ 600 million;
  • basketball — $ 540 million;
  • hockey — $ 80 million.

The Scale of the New Legal Betting Market

According to the state’s gaming commission report, the entertainment industry's gross revenue in the first month of legal operation reached about $ 139 million. The tax rate is 51%. The estimated amount of contributions to the state treasury is more than $ 70 million.

In the first 30 days after the launch of the regulated market, users from New York created 1.76 million accounts and conducted 187 million financial transactions on gambling sites.

The state broke the previous record set in New Jersey in October 2021. Players wagered $ 1.30 billion in a month. New Yorkers spent $ 1.63 billion on online betting in just the first 23 days after the legalisation of the market.

The governor of the state, Kathy Hochul, appreciated the high profitability of the entertainment industry. The politician noted that the sportsbook business can bring real benefits to the region's economy. The government plans to use tax deductions to improve the education system, support youth sports, and solve other important issues.

The Most Demanded Operators

The following companies are the leaders of the new legal market:

  1. Caesars Sportsbook. This operator's customers spent $ 702 million on bets. The firm's profit amounted to almost $ 65 million for the first 30 days.
  2. FanDuel. Players made transactions for a total of $ 632 million. The brand has earned more than $ 30 million.
  3. DraftKings. The firm occupies third place. Gamblers spent almost $ 455 million on wagers. The operator's income amounted to $ 35.8 million.
  4. BetMGM. The organisation entered the New York state market only on January 17th. Regardless, it managed to receive over $ 112.3 million in bets and $ 3.7 million in revenue.
  5. PointsBet. The operator began interacting with customers even later, on January 25th. Its clients spent $ 41.7 million on mobile wagers. The firm's profit was $ 2.5 million.
  6. RSI. Although the betting brand entered the market on the first day after its legalisation, the operator managed to receive about $ 41 million in bets and $ 1.6 million in profits.

Read Casino Market's articles to learn about the latest news from the global betting and gaming business.

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