$150 million bet with New York sportsbooks in one weekend

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New York sportsbooks took $150 million in bets from more than 650,000 accounts during the first weekend the state’s online market was open, according to figures released Tuesday by state officials.

Four sportsbooks—Caesars, DraftKings, FanDuel and Rush Street Interactive (BetRivers)—launched their mobile apps Jan. 8, in New York and a fifth, BetMGM, came online Monday. Four more operators are completing compliance for licensing.

According to the New York executive budget, the state projects $249 million in revenue from sports betting in 2022, $200 million coming from licensing fees that have already been collected. By 2027, the state expects the betting market to generate $518 million in tax revenue.

GeoComply, a company that provides geolocation services to most US sportsbooks, said it has tracked 1.2 million accounts created in New York over the past two weeks, with 87.8% of the users new to regulated sports betting. During the first weekend of the NFL playoffs, there were 17.9 million geolocation transactions with New York sportsbooks, according to GeoComply.

“The momentum of New York’s sports betting launch has continued and it is mostly home-grown,” Lindsay Slader, managing director of gaming at GeoComply, said in a release. “The vast majority of users are brand new to regulated sports betting in the US. The data tell us that New Yorkers are dumping illegal sportsbooks for the new legal options and operators are also excelling at attracting first-time bettors.”

The launch of mobile sports betting in New York did not have an immediate impact on New Jersey’s market. According to GeoComply, there were 13.1 million geolocation transactions with New Jersey sportsbooks over the last two weekends since New York launched, a nearly 4% increase over the two weekends prior to New York going live.

More than $1.2 billion was bet in December with New Jersey sportsbooks.

Source Mykuwaits

Adil Khan

Adil Khan writes about International Affairs for Beganet news organization, out of Kuwait. Adil Khan is a senior reporter for Beganet.com and has frequently written about the latest developments in the State of Kuwait. Adil Khan is available on Facebook at the below link, Please send in your leads and tips.
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