How starved were New Yorkers to finally bet on sports? The numbers are in with New York reporting $150 million in wagers placed during its first weekend of legalized sports betting.
Five sportsbooks are currently operating in the Empire State including BetMGM, BetRivers, Caesars, DraftKings and FanDuel with at least four more on the way, according to ESPN’s David Purdum. GeoComply has tracked nearly 18 million transactions from 1.2 million accounts in New York since betting went live January 8th at 9 AM ET. Of those accounts, 87.8 percent were reported as new users. New York has already pocketed $200 million in licensing fees with the state expecting annual tax revenue from betting to eclipse $500 million by 2027.
Mobile sports betting is now offered in 18 states with three more (Ohio, Nebraska and Wisconsin) waiting for the green light from state regulators. New York was one of the last adopters in the Northeast with sportsbooks already fully operational in neighboring states New Jersey, Connecticut and Pennsylvania. New Jersey is considered the highest-volume betting state, attracting $1.2 billion in legal wagers last month.
After years of resisting it on ethical grounds, state governments have quickly come around on sports betting, fully embracing the phenomenon for its moneymaking potential. Sports leagues have responded accordingly, directly catering their product to both casual and more serious bettors. Not only has betting reshaped our viewing experience, but it’s also further saturated sports media, with sportsbooks now shelling out huge dollars for on-air personalities like Dan Le Batard and Pat McAfee. With money pouring in from all directions, don’t expect the sports betting arms race to end anytime soon.