NY has cleared another major sports betting milestone

NY has cleared another major sports betting milestone

Summary:

The New York State Gaming Commission has reported that the state’s mobile sports betting market has crossed the $10 billion mark. The nine operators collected US$194.5 million during the week of August 22 through August 28, 2022, according to the commission. A total of US$390.9 million in tax revenue has been brought about by the total amount.

New York has reached another mobile sports betting milestone, according to the latest weekly reports from the state. Since the launch of the market in January, Empire State bettors have wagered US$10 billion online on sporting events. The online handle reached US$194.5 million during the week of August 22-28, according to the weekly report.

The Empire State launched its mobile sports betting market on January 8, 2022, but only nine brands are currently available. Despite having a limited business model, the state has already become the hub of American online sports betting, and a full football season is expected to see an increase in activity.

There is a total handle of US$10 billion

The New York State Gaming Commission reported this week that for the week of August 22 through August 28, the nine operators collected US$194.5 million. With a total online wagered volume of US$10.1 billion, the Empire State is slightly above the US$10 billion threshold. A total of US$390.9 million in tax revenue has been brought about by the total amount.

The state has reached at least a billion in wagers in each of the first six months of the market’s existence. As many leagues were in their off-season, the volume of betting across the state dropped off. When the National Football League starts on September 8, 2022, it is expected that volume will move up once more. After the opening of the market, this will be the first full season of the National Football League.

State Senator Joe Addabbo recently stated that although the legislature is pleased with the market, changes will still be made to its operator count, tax rate, and even promotional products. He stated that although the state has become one of the top sports betting jurisdictions, he is doubtful if it can maintain this status.

The Empire State’s online sports betting sector has the highest tax rate of any other state. Operators have lost money as a result of this, and state politicians will probably talk about the issue during the legislative session of the following year. The tax revenue generated for the state must not be affected by any changes that are made.

New York Assemblyman J. Gary Pretlow talked about the success of the mobile sports betting market. The co-chair of the New York Assembly Committee on Racing and Gaming admitted that he is concerned about the tax rate, but he is quite pleased with the results. He said that if more operators entered the market the rate would decrease.

i gaming is an option as well

The introduction of online gambling in the state would be beneficial to the jurisdiction, according to a recent study. If online roulette and other casino-style games were legalized in the Empire State, it would bring in an estimated US$428 million a year to the local budget.

According to the Legal Sports Report, the NY has exceeded $10 billion in online sports betting handle.