New York’s online sports market opened for business on Tuesday and saw more than 650,000 accounts place bets.
January 8th, in New York, saw the launch of four mobile apps by Rush Street Interactive (BetRivers), DraftKings and FanDuel. Monday marked the arrival of BetMGMGMM, a fifth sportsbook. Four additional operators are currently completing licensing compliance.
According to the New York executive Budget, $249 million is projected in state revenue from sports betting by 2022. Another $200 million comes from fees already collected. State officials expect the betting market to bring in $518 million of tax revenue by 2027.
GeoComply, which provides geolocation services for most U.S. betting houses, reported that it has located 1.2 Million accounts created in New York within the last two weeks. 87.8% are new to regulation sports betting. According to GeoComply, 17.9 million geolocation transactions were made with New York-based sportsbooks during the first weekend in the NFL playoffs.
Lindsay Slader, GeoComply’s managing director of gaming, stated that New York’s momentum for sports betting has continued. She also said that the majority of users are home-grown. “The vast majority (over 90%) of users are completely new to legalized sports betting in the U.S. According to data, New Yorkers are moving away from illegal sportsbooks and are attracted by operators who are skilled in attracting first-time punters.
New Jersey’s market was not affected by the New York launch of mobile betting. GeoComply reported that New York launched on the weekend of September 2nd and New Jersey has had 13.1 Million geolocation transactions. This is nearly 4% more than the two weekends before.
New Jersey’s sportsbooks were responsible for more than $1.2 Billion in December wagers.