When regulated'New York online sportsbooks begin their first full season of NFL wagering in September, the state's nascent market enters new territory under propitious circumstances.
Since launching Jan. 8, New York sportsbooks have already handled more than $9.7 billion on sports wagers statewide, a figure that cements the Empire State as the nation’s capital of sports betting. Online wagering has already generated more than $368 million for New York state tax coffers, an astounding figure considering that only four states across the nation have eclipsed the $100 million threshold since the U.S. Supreme Court’s repeal of PASPA in May 2018.
The explosion of sports betting leaves New York State Gaming Commission Executive Director Rob Williams optimistic that the state could generate $500 million in tax revenue from online sports wagering in the first year of the market. For context, when former Gov. Andrew Cuomo reversed course on sports betting in 2021, his administration projected that the state would not clear that figure until Fiscal Year 2026, at the earliest. The numbers are astounding when you consider that more than two other dozen states'have generated around $1.31 billion in combined tax revenue from legal sports wagering since May 2018.
“We're very pleased with the overall success of the mobile sports wagering industry in New York. We are very cognizant that we've reached those great numbers without going through a football season,” Williams told last week on the sidelines of the Racing and Gaming Conference at Saratoga.
The nation’s capital for sports betting
From the outset, there were clear indications that New York appeared poised to shatter national records, based on the sheer volume of activity in certain sports-crazed neighborhoods of Manhattan. New Yorkers placed more than 300,000 wagers over the first hour of legal sports betting in the Empire State, and a total of 17.2 million over the first weekend on Jan. 8-9, according to Vancouver-based geolocation provider GeoComply. For the Super Bowl, New York activity represented a whopping 25% of the company’s U.S. sports betting traffic, ranking first.