New York Will Take Fiscal Year Betting Crown Next Week

New York bettors wagered $329.9 million last week thanks to the college football and NFL seasons kicking off.

It marked the first time since the first week of May that handle in the Empire State surpassed $300 million.

After PASPA was repealed, New Jersey took over for Nevada as the most valuable sports betting state. There was $10.9 billion bet on sports in New Jersey in 2021, an all-time record.

But on Jan. 8, 2022, New York went mobile and the floodgates opened. Next week, New York will beat that $10.9 billion with nearly a whole football season ahead of it.

In the week of the conference championship games last year, New York pulled in its record week of $572.5 million. To put that in perspective, only five states — New York, New Jersey, Nevada, Pennsylania and Illinois — have ever reached $600 million in bets in a single month.

And on the year overall, New York sportsbooks have generated roughly $826 million in gaming revenue. That's more than any other state — and at a tax rate of 51% for operators.

Books that have launched in the state include all the major players, alongside a few minnows. FanDuel dominates the space, followed by DraftKings and Caesars. Other books include BetMGM, PointsBet, Resorts World, BetRivers and BallyBet.

No state with more people than New York has launched online sports betting yet.

California voters are set to file their ballots on Propositions 26 and 27, which would legalize some form of mobile sports wagering. Polls for those props, though, don't look optimistic for California residents who want sportsbook apps on their phones going forward.