Sport online stakes

New York Was a Little Behind to Break the Record for Online Stakes

Despite the not-so-distant slowdown in activity, NY is still enjoying life after the introduction of regulated mobile sports betting. In March, a total of $1.6 billion in wagering on the internet was recorded in the Empire State at eight mobile sportsbooks, but it fell just short of the record previously set.

The marketplace was open for business Jan. 8, 2022, and it allows nine sportsbook apps to offer online sports betting. However, all but one of the apps have yet to launch, which hasn’t stopped the state from getting off to a brisk start and quickly becoming one of the top states in the U.S. in mobile sports betting.

Over 1.6 Billion US Dollars

The New York State Gaming Commission reported Monday that New Yorker gamblers placed about $1.64 billion in sports betting online in March. According to the regulator, March’s results were 7.2 percent higher than February’s $1.53 billion and only slightly short of the Empire State record of $1.67 for the month since January 2022.

New York State Gaming Commission logo

The commission reported an average of $52.8 million a day in online sportsbooks betting, down slightly from the $54.6 a day in February. March was much more fruitful for sportsbooks, as they reported $114.3 million in gross revenue from gambling. That amount was 38.7 percent more than February’s $82.4 million.

Of the $114.3 million, $56.0 million went to the eight live operators and the remaining $58.3 million went to the government. Since the market began, Empire State’s mobile providers have brought $151.7 million in tax revenue to the state, up nearly $30 million from Pennsylvania’s $122.5 million for all of 2021.

FanDuel continued to lead the market in March, recording the most bets at $673.1 million and gross receipts of $58.3 million. That’s double the February results of $23.2 million. DraftKings again finished second in betting gaining $414.5 million and $22.9 million, while Caesars Sportsbook had $273.4 million in betting and $21.6 million in revenue.

No Plans to Increase the Number of Apps

Previously, several legislators and gambling organizations had lobbied for more mobile sportsbooks in the state. However, no such language was included when the state passed the new budget last week. Senator Joe Addabbo Jr. said that he and other legislators have carefully analyzed the issue and that they do not intend to fix what is not broken.

Downstate’s Casinos Hit the List

However, despite the fact that mobile sports betting was excluded from the budget, lawmakers approved the inclusion of an expedited process for issuing casino licenses in Downstate. Three licenses are up for bid, and the issuance process can now begin. Lawmakers confirmed that the registration fee for operators would be $500 million, half the previously announced $1 billion per entity.