Legal Gambling USA

Online casino games, poker, sports and horse racing betting websites authorized in USA

Legal Gambling USA

First Week of Mobile Sports Betting in New York Impresses

January 13, 2022

It was over two years in the making. In fact, New York residents have been waiting a lifetime for the ability to legally wager on sports from home without the inconvenience of travel. That day finally came on January 8, 2022, when licensed sports betting operators started taking mobile sports bets from New York’s most ardent sports bettors.

History was made when Rush Street Interactive (BetRivers brand), Caesars Sportsbook, Fanduel, and DraftKings finally opened their online betting sites to the sports betting public. It set the state of New York on a trajectory to become the top sports betting state in the nation, possibly overtaking New Jersey and Nevada in the process.

A Quick Look at the Numbers

With almost one week of New York mobile sports betting in the books, it would be an understatement to state the initial numbers are impressive. It’s even reasonable to assume the numbers will end up exceeding all initial expectations.

It starts with numbers reported by GeoComply. GeoComply is a software provider that helps online bookmakers track bettor locations. According to officials at the company, there were more than 17 million “check-ins” in the first 36 hours of betting activity from IP addresses located in the state of New York. Furthermore, 5.8 million of those check-ins occurred in the first 12 hours. According to some experts, that could translate to 10 million actual logins that could result in 10 million separate sports bets.

If each bet was wagered at $20 per, that would be $200 million in sports betting handle for the first month, a partial month at that. If the monthly wagered amount were to reach $1.0 billion in handle with bookmakers holding gross profits of 5%, that would result in betting revenue of $50 million per month. With 51% of that going to the state, that’s a cool $25.5 million going into the state’s coffers.

At the individual bookmaker level, BetRivers reported over $790K of sports bets coming in within the first 15 hours. Of that number, slightly more than $500K was wagered on football action. Numbers for the other three participating bookmakers are yet to be reported.

New York’s Gain is New Jersey’s Loss

Before the Super Bowl game in February, the other five approved mobile sports betting operators should be licensed and taking bets. That list includes PointsBet, Wynn Bet, Belfair Interactive, Bally’s Interactive, and BetMGM.

As the handle and revenue grow, the state of New Jersey will be feeling the pain. For close to two years now, the state has benefitted from New York sports bettors who were willing to drive across New Jersey/New York state borders for the purpose of placing mobile sports bets. With the influx of wagering activity from New York, New Jersey has the top sports betting provider in the U.S.

With New York going live, experts are expecting to see New Jersey’s handle and revenue drop by 20% to 25% from 2021 going forward. In the process, it’s very likely New York will take the top spot, though New Jersey should remain in the top 5.

 


Online Sports Betting News in USA

Tribal Sports Betting Under Siege in Washington State

January 17, 2022 — When the federal courts negated the new Indian compact between Florida’s Seminole Tribe and the state of Florida late in 2021, it served as a warning that other compacts could get challenged. Many...

Caesars Entertainment signs multi-year partnership with MSU Athletics

January 17, 2022 — Caesars Entertainment has announced a multi-year partnership with the Michigan State University Athletics and MSU Sports Properties, that makes Caesars Sportsbook the Official and Exclusive ...

BetMGM to launch mobile sports betting in New York

January 16, 2022 — BetMGM will be launching its online sportsbook in New York on January 17 The Empire State will be the 19th and largest market to date for BetMGM, which is Official Sports Betting Partner of the Kn...

Caesars Sportsbook NY Features Incredible Welcome Offer

January 15, 2022 — It was two years in the making. That is how long New York sports bettors have been waiting for the chance to wager on sports through a mobile sportsbook. Now, the mobile betting windows are open and...

All the news from the legal sports betting in USA

Copyright 2013-2022 © LEGAL-GAMBLING-USA.COM - All rights reserved
Legal Disclaimer - Warning - Affiliate Program - Responsible Gaming - Contact
Legal-Gambling-USA.com on Twitter   RSS Legal-Gambling-USA.com

Gambling involves risk: indebtedness, dependence, isolation. Helpline: 1.800.522.4700
Gambling is prohibited for minors.

-18 -21