New York mobile sports bettors wagered about $1.6 billion from January 8 — the day online betting launched in the state — through the last day of the month, according to a report released by the New York State Gaming Commission, setting a one-month handle record for a legal sports betting state. The previous record was $1.3 billion, set in New Jersey in October 2021.
There are a few reasons New York mobile sports betting handle is so high. New York is the largest state by population to legalize sports betting, with about 19.5 million people in-state. New York’s financial markets likely cross-trained finance professionals, who applied their prediction skills to mobile sportsbooks.
Also, New Yorkers are experienced sports bettors. The state’s residents had been crossing New Jersey’s border to place mobile sports bets for more than three years. Many New York bettors have been gambling for years, even decades, with illegal bookies and offshore accounts.
New York Mobile Sports Betting Estimated Taxes
New York sportsbook operators held (won) about $113 million of the $1.7 billion wagered in January, or about 6.95%. The state takes 51% of that revenue in taxes. So for the month of January, New York sportsbooks owe more than $57 million in taxes.
Only four states (NJ/PA/NV/IL) have collected more total tax revenue in the last 44 months than New York did during these 23 days in January. https://t.co/tWzaOfENSw
— Eric Ramsey (@Eric_Ramsey) February 4, 2022
Legal New York mobile sports betting market is just getting started, and it has not yet experienced the Super Bowl, March Madness, or an entire NFL season. These numbers will continue to explode.
These early figures are eye-popping. But New York bettors could shatter even more records during the Super Bowl and March Madness.