New York Shatters Sports Betting Records 2023

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New York’s entry into the world of sports betting has been a famous success, surprising even the most optimistic predictions. Since the launch of sports betting in the Empire State in January 2022, the numbers have been quite astonishing. Continue reading below to learn the latest in NY betting!

new york sports betting

NY’s Latest Betting Record

Mobile sports wagering reports released by the New York State Gaming Commission reveal that New York online sportsbooks handled an impressive $1.16 billion in bets for the month of June 2023. While this may represent a small dip since the previous month, the total count remains incredible. It should also be noted that it’s normal for gambling operations to slow down during the summer months.

New York sports betting’s impressive stunt of surpassing the $25 billion mark in total handle after only 16 months of operation sets a new record. It’s clear that sports betting fever is running high in the most populous market in North America.

Previously, New Jersey held the crown for reaching this number, taking around 47 months. With decades of retail sportsbook operations, only Nevada shares the honor of handling as much as $25 billion in sports bets.

DraftKings and FanDuel Battle for The NY Top

The competition among sportsbooks in New York has been fierce, with DraftKings NY and FanDuel NY dominating the scene. Together, they have accounted for nearly 80% of the total handle in New York from online sports betting in June.

DraftKings NY outshined its competitor in June, reporting $488.5 million in total handle, securing the top spot for the month. However, FanDuel maintains the top of the year by about $200 million for the fiscal year, continuing to hold onto its pole position based on accepted bets. BetMGM and Caesars are not far behind the top two’s in the Empire State.

NY Sports Betting Revenue Boosts the State’s Income

The revenue that sports betting brings to New York State is not to be overlooked. With its considerable tax rate of 51% on gross gaming revenue for online sportsbooks, the state has collected over $1.1 billion in tax revenue since NY sports betting’s launch in 2022. This impressive figure exceeds what the operators themselves have netted.

NY sports betting

In fact, New York sports betting is now one of the three states that have crossed the $1 billion mark in tax revenue, joining the ranks of New Jersey and Nevada. The state’s income from sports betting goes to various beneficial causes, including schooling programs and a statewide responsible gaming program.

What Lies Ahead for New York Sports Betting

With Fanatics’ recent acquisition of PointsBet, the dynamics of the New York sports betting market might change in the coming months. Fanatics, an upcoming player in the market, has yet to reveal its plans for the PointsBet sportsbook. Still, this development is bound to cause a stir among the established players.

Moreover, the gaming landscape in New York could further evolve if the state legislature and governor approve NY online casinos.

Following the resounding success of online sportsbooks, legalizing mobile casino apps could be the next step. This move would open up avenues for New Yorkers to enjoy online slots, roulette, and even online poker.

As New York sports betting records continues its march onward, it’s evident that the Empire State is setting a standard that other states will undoubtedly try to reach. Whether it’s the wild betting activity or the benefits reaped by the state, the future of sports betting in New York seems very promising.

Responsible Gambling and Education

New York is not only breaking sports betting records, but it’s also ensuring a balance between responsible gambling and local community support. Senator Joseph P. Addabbo Jr. recently announced that tax revenue from mobile sports betting has generated a hefty $1 billion for education. That contribution marks an important step for responsible gambling awareness in the state.

Addobo 1B education

Addabbo: Champion of Responsible Gambling

As an advocate for problem gambling awareness, Senator Addabbo sees potential in the state’s gaming ventures. The senator plans to allocate more funds to strengthen programs that prevent and address gambling addiction, in addition to improving education. Those programs include safeguards like account freezing and self-exclusion options in mobile betting apps.

The Future of Gambling in New York

Addabbo has plans to broaden New York’s gambling offerings, including more land-based casinos and introducing iGaming (icasinos). With three new land-based casino licenses approved, the state’s commitment to safe and legal gambling continues to strengthen. The New York State Gaming Commission oversees all aspects of gaming activity in the state to ensure the smooth running of this industry.

Get Help If You Need It

If you ever struggle with controlling your gambling habits, don’t hesitate to contact the National Problem Gambling Hotline at 1-800-522-4700. You can also enter the website chat here. You’re not alone, and there’s help available, including options to remain anonymous and text or chat support. It’s completely free to reach out to NCPG.

Stay informed, stay safe, and enjoy the entertainment of online gambling. Don’t forget to follow us across Facebook, Twitter, and LinkedIn for the latest gambling news.

Sports betting launched in New York in January 2022.

New York sportsbooks handled $1.16 billion in bets for June.

New York betting surpassed the $25 billion mark in total handle after only 16 months of operation, setting a new record.

DraftKings NY and FanDuel NY are dominating the scene.

The state has collected over $1.1 billion in tax revenue since sports betting’s inception in 2022 until June 2023.

The dynamics of the New York sports betting market might change in the coming months due to this acquisition.

The next step could be legalizing mobile casino apps.

This move would open up avenues for New Yorkers to enjoy online slots, roulette, and even online poker.

Operators pay a tax rate of 51% on gross gaming revenue for online sportsbooks in New York.

The income goes to various causes, including education programs and a statewide responsible gaming program.

Catie Di Stefano has worked in the gambling industry since 2011 for major brands like Hard Rock Hotel & Casino, Gaming Innovation Group and Betsson Group. She started in customer support at age 19 and has since worked her way through VIP, CRM and Marketing. Today, Catie is passionate about educating players on consumer rights and the best approaches for legal play in the United States as the Director of Community Marketing at OnlineGamblers.com. Catie was born in Indonesia but grew up in Sweden. Currently, she resides in Spain with her two daughters.

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