New York now sits atop the sports betting throne. As many would have guessed, it didn’t take long for the Empire State to rake in the highest betting handle ever recorded. Over the course of just four weeks, New Yorkers placed a staggering $1.6 billion worth of legal sports bets.
It’s a staggering amount at face value. However, the market for online sports betting in New York was always bound to be one of epic proportions. With the emergence of the very best online sports betting sites, all plying their trade, it’s no wonder the public have taken to these platforms like a duck to water. The sheer love for sports by New Yorkers, coupled with the fact that there are significant franchises based in and around NY, means sports betting will continue to thrive beyond its debut month.
All eyes have been on New York and the initial run of sports betting that has taken grip since the start of 2022. Within the first three weeks, the total wagered cash for online sports betting exceeded the previous record monthly amount. In October 2021, the Garden State recorded a record $1.3 billion in wagered sports bets. It took New York three weeks to break through this threshold on its way to $1.63 billion for the month. That exceeds the record set by NJ by $300 million – no small feat.
If the first month is anything to go by, the state of New York is set for an exhilarating year ahead. This is surely underpinned by the fact that there are more online betting operators lining up to enter the market. WynnBET has opened its virtual doors as of now while various competitors are yet to tap into this lucrative environment for sports betting.
Various stakeholders, although expecting New York to become the biggest market for sports betting, are rather amazed at the speed at which this title has been grasped from the claws of New Jersey. Most states in the US had to bide their time while establishing a market where monthly wagers, and subsequent state revenue, became consistent throughout. This is certainly not the case when considering what New York stakeholders have managed to achieve.
The state is set to benefit massively as New York taxes sportsbooks an eye-whopping 51%. This is set to generate a sizable amount for state coffers over the next couple of years. The state hopes to bring in over $350 million in tax revenue from online sports betting in 2023.
It must be noted that there isn’t a New York team in the Super Bowl this upcoming weekend. However, that will not stop New Yorkers from betting to their heart’s content. Super Bowl LVI will add another boost to the amount being wagered at New York sports betting sites. There is no doubt about it. With the Rams and Bengals set to clash horns, it’ll be interesting to see how the clash adds to the ever-ballooning online sports betting market currently taking hold in New York.
With the help of some of the best bookies in the US, a fortified market for online sports betting has established itself on the East Coast. For several years, New Jersey had little competition when it came down to the market for viable online sports betting activities. However, with New York coming into the fold, these neighbouring states are surely the absolute center for betting in the US.
We’ll be following future developments with a keen interest as the year moves on. At Betting.net, we bring you all the latest sports betting news as it becomes apparent in the US. Stay in the loop with us and find yourself at the forefront of online betting.
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