Everyone saw the tremendous start that online sports betting in New York had in its first couple of weeks. However, recent data that has been released about the first two weeks of legal sports betting in the state show its Huge potential. It looks like NY could head straight for the top spot, overtaking New Jersey and Nevada on the way.
That’s a big claim and would mark a massive shift in the US online wagering market. So, what in the data is suggesting this? And how will this affect online sports betting in other US states? Our experts here at BestAppBet are here to break down the statistics and let you know what this means for your legal sports wagering.
New York’s First Two Weeks
So why is everyone so excited by New York? It was reported that the combination of the four legal sportsbooks handled $150 million just in the opening weekend. It’s worth noting that since that weekend, BetMGM has also launched its mobile sportsbook in NY. This $150 million has come from 650,000 players, showing the appetite for online sports betting many experts predicted.
GeoComply, a company that handles geolocation services for many mobile sportsbooks, released information that 17.9 million betting transactions were recorded in the second week of online betting in the Empire State. That marks growth from the state’s first weekend.
1.2 million new accounts were created in the state, and 878,000 were accounts with unique identifiers. That means many customers only opened one account. For context, that’s more than Pennsylvania and New Jersey attracted combined. These are two of the most significant states for online sports wagering, so it’s pretty substantial. It’s worth noting that 770,840 of these players had never been seen on GeoComply’s servers before, meaning they were entirely new to sports betting.
GeoComply doesn’t cover all of online sports betting, which means the numbers could be even greater than this. The bottom line is that New York’s online sports betting has been a roaring success in its first two weeks. This success is expected to be maintained and even surpassed by state officials. They hope New York will take $249 million in tax revenue this year, which is expected to grow and grow until it takes $518 million in revenue in 2029.
To encourage this growth, you can expect New York to have one of the most competitive online sports betting markets around. Five sportsbooks have already launched, and four more have licenses to join as soon as logistics are sorted. In short, it’s an exciting time to be a bettor in the Empire State. To say business is booming would be an understatement, and things look like they will only get more exciting in the future.
The View from the Other States
Considering the proximity of New York to other large betting states like New Jersey, there was a worry that a battle would start over customers. However, early data indicates that both states can work alongside each other without issues. Only 9.3% of bettors in NY’s first few weeks have ever placed a wager in New Jersey.
NJ’s figures also match up with this conclusion. Since New York online sports betting launched, its transactions have increased from 12.6 million transactions to 13.1 million. This is on par with what the state was expecting as the playoffs of the NFL continue. The NFL is the biggest betting market in the US.
Legal US Sports Betting
The conclusion we can draw from this is that New York’s online sports betting will only make the whole industry stronger. Its growth isn’t impacting nearby states, and the success of its launch will encourage more states to consider legalizing online sports wagering. States have been able to legalize sports betting since 2018 when the US Supreme Court struck down the PASPA.
There are many states across the US where you can legally place bets on your favorite sports, like Tennessee and Iowa. All you have to do is visit one of these states. Be sure you’re the local legal gambling age, and you’re all set. Download a sportsbook and start placing sports bets online now!