This month, New York State celebrates a special event, as the local mobile sports betting market started operations exactly a year ago. Empire State broke its annual mobile sports betting handling record, reporting $16.2 billion in its first year of debut. The previous high was set by New Jersey at $10.9 billion in 2021.
New York officially opened the digital gate of the mobile sports betting market with four sports books on January 8, 2022. Later this year, all nine bookmakers went online and began accepting bets online. But they are taxed 51% for winning, which means the state has the highest tax rate among U.S. state governments.
In December 2022, Empire State said its December handle hit $1.62 billion, the highest monthly tally since March 2022. In addition, the betting volume exceeded $1 billion for the 10th consecutive month. Meanwhile, over the past year, Empire State reported total game revenue of $1.36 billion, another record in the United States.
After tax, GGR’s $1.36 billion should be explained as another record. At this time of record revenue of $693 million a week. 우리카지노탑 Former Governor Andrew Cuomo’s $500 million forecast was broken as it was. These numbers are all the more impressive because the state operates on a limited model of just nine sports books.
In terms of operators and performance, the state was dominated by FanDual, DraftKings, Betm GM and Caesars Sportsbook, which accounted for 96% of the total GGR and 93.3% of the total steering wheel. FanDual was the leading app with $650 million, or 48% of the pre-tax market share. The company also held a total of $6.5 billion in handles in 2022.
DraftKings came in second with a GGR of $354 million, or 26% of the total, and a bet of $4.5 billion. Caesars Sportsbook ranked third with a GGR of $215 million, or 16% of the market, and a handling bet of $2.8 billion. BetMGM ranked fourth with a $81 million GGR or 6% of market share and $1.3 billion in handling.
After the big success of mobile sports betting, the New York State Legislature is also considering furthering the gambling industry by legalizing online casino games. Not long ago, state senator Joe Adabo vowed to make iGaming a top priority in discussions for the 2023-2024 fiscal budget. Discussions on the budget should begin soon.
Gambling compliance, legalizing online gambling in Empire State can be quite beneficial to the state economy. The report estimates that the new vertical line will generate about $428 million per year. I also think it could quickly overshadow mobile sports betting because it’s quite common in other legal jurisdictions.