New York Mobile Sports Betting Hit $2 Billion

New York is currently the fourth most populous region in the US. But despite this, it has taken quite some time for the state to legalize mobile sports betting. That ended in January this year as sports betting is now available at the best mobile casino sites and bookies in the Empire City. This makes New York the biggest bookmaking US market, even surpassing Nevada. 

According to the latest financial news, Fun City has posted $1.98 billion in total bets placed since the first gambling sites went live on January 8, 2022. The numbers announced by Governor Cathy Hochul shutter any record posted by a gambling state in the US. 

The economic engine for New York

During the announcement, Gov. Hochul said that the New York mobile sports betting revenue were in excess of $70.6 million. That’s 51% of the overall $138 million Gross Gaming Revenue collected in the state. 

New York’s gambling laws direct that taxes generated from mobile sports gambling be used for specific purposes. The monies will fund secondary and elementary education, treatment and recovery services, problem gambling prevention, and youth sports.

Just last year, Gov. Hochul advised the New York State Gaming Commission to lay the ground for the launch of mobile wagering in the state. The governor urged the commission to engage licensed mobile casinos and sportsbooks that seek to operate in New York. The idea is to prevent New Yorkers from moving to neighboring states to place wagers. 

Why do New Yorkers gamble in huge numbers?

For a long time, New York sports bettors have been watching in envy as bettors in states like Pennsylvania, Connecticut, and New Jersey bet on their mobile phones. But the latest green light by the state’s betting commission means that New York now joins the list of 20 states that allow mobile sports betting.

Meanwhile, it’s not yet clear why the numbers are astonishingly high in New York. But it’s safe to assume that the state’s increased population has a hand in this. As said before, New York is now the largest mobile sports betting market in the US.

Another potential reason New York numbers are so high is that bookies offer irresistible bonuses. Being a relatively new market, these mobile casino and sportsbook operators lure players with big deposit promotions and risk-free bets. 

A good example is Caesars Sportsbook, which offers players a dollar-to-dollar match for any deposit made. But that’s not all; the promotion can reach a staggering $3,000 in bonus cash. On top of that, the bookie has a generous $300 welcome bonus. 

According to industry analysts, the high numbers might decrease or disappear altogether in the coming months. They predict that bookies will go easy on betting adverts and promotions, leading to reduced betting activities. Remember, the popular college basketball playoffs end in April.

Future projections

With smartphone users increasing globally, the New York mobile sports betting industry is certainly poised for success. Players now have an instant opportunity to bet on popular sporting events like NFL and NBL anywhere, any time. 

New York state officials envisage that sports betting will generally rake in over $49 in revenue for the 2022 fiscal year. And fast forward to 2026, the officials expect anything above $500 million. 

However, New York’s high operator taxes and the ballooning market budget might dampen investor appeal in the future. PointsBet and DraftKings, licensed New York sportsbooks, have already seen their shares drastically fall in the last 52 weeks. But overall, it’s looking nicely for New York.