New York Sports Betting Posts First $200 Million Week Since June
Jim McIsaac/Getty Images. Pictured: New York Mets star Pete Alonso.
New Yorkers wagered $200 million on sports betting apps in one week for the first time since late June.
From Aug. 15 to Aug. 21, New Yorkers bet $200.1 million online, according to numbers released Thursday from the New York State Gaming Commission. The last time New Yorkers bet that much in a single week was the week of June 27. While still down from the state’s weekly average, the betting boost from preseason football indicates an onslaught of gambling is right around the corner.
Since launching online sports betting in January, New York leads all states in dollars wagered and taxes generated. The $9.4 billion wagered since January is over $3 billion more than in New Jersey, the next closest state.
But like every other state, New York sports betting has suffered from an annual summer slowdown, which occurs when Major League Baseball is the only major sports league in full swing.
New York’s First Full Football Season
New York’s handle has slowly crept back up in August after a brutal July, likely thanks to the NFL preseason, which kicked off Aug. 4.
With football games that matter — college football and the NFL regular season — two weeks away, New York is expected to round out its first year with the most dollars ever bet in any state. It already holds the tax record.
NFL betting accounts for roughly 20% of all dollars wagered in states that break out handle by sport, according to Action Network research.
And even in the smallest of sample sizes, New York’s NFL track record outpaces that.
According to GeoComply, which performs geolocating services for most legal betting apps, a whopping 25% of all bets during the Super Bowl came from New York.
Uncharted Territory for Sports Betting
A full NFL season could stretch New York’s tax record to over $500 million, Rob Williams, Executive Director of the NYS Gaming Commission told SportsHandle last week. (Like The Action Network, SportsHandle is part of Better Collective.)
That’d be more than a third of the taxes every other state combined has generated, four years into legal betting beyond Nevada.
While fluctuations in operator win rates prevent a direct correlation between handle and tax revenue, the current $348 million in taxes to $9.7 billion in handle suggests $500 million in taxes would land New York’s total handle somewhere around $14 billion.
That’d be about half of what New Jersey, the all-time leader in handle, has taken in four years. It would put New York and sports betting very much in uncharted territories.