Based on wagering figures from the first month of legal sports betting in New York, Caesar (and his sportsbook) has a shot at becoming the next emperor of the Empire State.
After officially launching online sports betting, which includes wagering from mobile devices, on January 8, New York handled more than $1.62 billion in wagered cash by the 30th, a single-month record for any state. The previous state record of $1.3 billion, which was set by New Jersey in October of 2021, was broken in just three weeks. Of the books taking bets in the state, Caesars Sportsbook attracted the most action, followed by FanDuel, DraftKings and BetRivers.
Sportsbooks WynnBet, BetMGM and PointsBet are also active in New York, and BallyBet has not yet launched but is coming soon.
“New York supplanting New Jersey as the nation’s largest sports betting market was inevitable, but few thought it would take only three weeks,” Mike Mazzeo, lead analyst at PlayNY.com, told MarketWatch. “Betting should calm some once football season ends and operators slow their promotional spending. Still, it’s clear that New York is going to be the flagship sports betting market in the U.S. for the foreseeable future.”
A lucrative industry that is growing fast and will only get a boost with the Super Bowl this weekend, legal sports betting is expected to generate $5.8 billion in revenue by next year, according to a report by Eilers & Krejcik Gaming. As one of the 18 states that have legalized online sports betting, New York is leading the way in raking in revenue.
“Some states have taken months, even years, to get up to a running pace and New York seems to have hit the ground at full gallop,” Eric Ramsey, a lead market analyst for sports wagering data company PlayUSA Network, told CBS MoneyWatch. “There’s not a question: New York is already the largest sports betting state in the country.”
Of sports betting revenue collected in New York, the state takes 51% in taxes and Governor Kathy Hochul’s budget plan anticipates raking in $357 million from the additional source in 2023, according to Front Office Sports.
“We are providing our state with a new revenue, educational, and addiction funding source,” said New York State Senator Joseph Addabbo. “It also can give us an indication of where we go from here, especially with the Super Bowl within our sights.”
Per estimates from the American Gaming Association delivered via the Associated Press, a record 31.5 million Americans plan to bet on this year’s Super Bowl and they will collectively wager more than $7.6 billion on pro football’s championship game on Sunday evening.
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