New York’s Betting Market Outshines US Year 1 In Six Months

NY Billion Dollar Streak Equaled 1 Year Of Early Betting

New York’s online betting market has surpassed $9.3 billion in bets in its first six months of being live.
This total handle is more than the $8 billion wagered in the first full year of US-regulated betting post PASPA.
July 2022 marked the first month New York sportsbooks did not see at least $1 billion in betting handle.

NEW YORK – The sports betting market in New York has finally seen its billion-dollar monthly betting handle streak come to an end in July 2022.

With the streak ending, the total mobile betting market in NY since its launch has seen $9,342,194,199 in betting handle.

This total betting handle eclipses the $8 billion wagered in the entire first year of the US betting market following the repeal of the Professional and Amateur Sports Protection Act (PASPA).

New York’s Impressive Run

The New York sports betting market wasted no time in becoming the top dog in US betting. The NY Gaming Commission’s weekly reports continued to show record-setting numbers in the Empire State since the January 2022 launch.

Not only did NY manage to outdo 17 combined states (and Washington DC) in the first year of US betting nationwide in six months, but NY has also already seen more lifetime tax revenue than any other market due to its 51% tax rate on sports betting revenue.

FanDuel has already seen $3 billion in betting activity in New York since January, now officially poised as the most bet on sportsbook in the Big Apple. DraftKings and Caesars have also seen over a billion in betting activity.

Top NY Sportsbooks Since Launch

FanDuel: $3,107,718,355
DraftKings: $1,943,247,912
Caesars: $1,700,882,468
BetMGM: $715,645,161
PointsBet: $226,699,171

For comparison, the entire New Jersey sports betting market saw $3 billion in the first year of activity post-PASPA. This was viewed as a massive success story at the time, a strong indication of how much betting had grown over the years.

New York’s massive success is only expected to increase, as 2022 will mark the first full NFL betting season for the NY market.

NY consistently cleared billion-dollar handles during the summer when the likes of the NFL, NBA, and NHL were all on their respective offseasons.

The NFL is the most wagered on sporting event in the US, so the betting handle records can continue to shatter in New York going forward.

News tags: FanDuel | New Jersey | New York | New York Gaming Commission | PASPA | Professional and Amateur Sports Protection Act

Giovanni Shorter

Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.

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Author: Jeffrey Fisher