Jersey brand

New York overtakes New Jersey for best sports betting market – CBS17.com

ATLANTIC CITY, NJ (AP) — It’s official: New York is now the largest sports betting market in America after just four weeks of mobile betting.

The Empire State overtook New Jersey in January to take the lead in the market, taking more than $1.6 billion from sports bets, according to figures released Friday by the New York State Gaming Commission. That’s $300 million better than the best month New Jersey has ever had.

And these numbers will only increase. WynnBET just started taking bets in New York on Friday, and BallyBet has yet to begin operating in the state.

The new figures show that mobile sports betting brought in $1.62 billion in New York between its launch on January 9 and the week ending January 30. In-person sports betting at four upstate casinos added nearly another $15 million, bringing the monthly total to $1.64 billion.

New Jersey, which led the nation in the number of sports bets taken by its casinos and racetracks, had its best month ever in October 2021, when it took $1.3 billion in wagers. New Jersey’s numbers for January 2022 will be released on February 16.

“It’s great,” said New York State Senator Joseph Addabbo Jr., one of the leading proponents of mobile sports betting in his state. “Going back to the first week we started, we’ve done as much in two days as we did two years ago. And we’re not even firing on all cylinders yet.

FanDuel spokesperson Kevin Hennessy said the company knows New York will be a strong market.

“Legal sports betting in New York has exceeded all of our expectations,” he said. “New York and New Jersey combined is practically the center of legal sports betting in the United States. We are thrilled with the number of New York customers who have signed up for FanDuel Sportsbook, and we continue to see New Jersey as a growing market.

He said the Buffalo Bills’ playoffs had sparked strong interest and noted that the Winter Olympics, the NHL All-Star Game and the Super Bowl were all imminent.

New York’s mobile sports betting operators made nearly $113 million in revenue from the $1.62 billion in bets they handled after paying winners and other expenses. This income is taxed at 51% in New York.

Caesars is the No. 1 leader in New York, handling more than $615 million in wagers in its first four weeks and generating nearly $56 million in revenue. FanDuel took nearly $502 million in wagers, generating $23.6 million in revenue.

DrafkKings took $367 million in bets, generating $27 million in revenue; BetMGM took $78 million in bets with $3.2 million in revenue; Rush Street Interactive took $32 million in bets and generated $837,035 in revenue; and PointsBet took $29 million in bets, generating $2.3 million in revenue.

That New York became the No. 1 market for sports betting once it allowed people to bet via cellphones or computers was no surprise. New York’s population of over 19 million is much larger than New Jersey’s population of less than 9 million.

New York gave New Jersey an early lead in sports betting by refusing to immediately allow mobile betting. Former Governor Andrew Cuomo insisted for years that allowing mobile betting would violate the state constitution, but New York allowed it starting Jan. 9 this year.

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Follow Wayne Parry on Twitter at @WayneParryAC