New York sports betting opening weekend takes over $150 million in wagers
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New York Mobile Sports Betting Rakes in $150 Million in First Weekend
Legal online sports betting got off to a storming start in New York. According to data released in the 2023 NY state budget plan, after going live on January 8, DraftKings, FanDuel, Rush Street (BetRivers), and Caesars took in $150 million in wagers in their first weekend. That $150 million was wagered by more than 650,000 unique player accounts in over 17 million geolocation transactions. For a comparison, NY retail sportsbooks at Rivers, Tioga Downs, del Lago, and Resorts World took in $197.5 million in bets in 2021.
The fiscal 2023 budget projects $357 million from the state’s 51% tax on New York Sports betting revenue.
NY Sports Betting Data
According to geolocation specialist GeoComply, New York sports wagering is off to a blistering first ten days. 1.2 million sports betting accounts were created from the launch day through the end of NFL betting on Monday night’s playoff game between the Rams and the Cardinals. Included in those 1.2 million accounts were 878,000 unique players. The majority of accounts have been opened on mobile sports betting apps that have taken the market by storm.
According to the press release, a total of 770,840 users are new to the regulated US sports betting industry. GeoComply Managing Director of Gaming Lindsay Slader said the momentum of New York’s sports betting launch is continuing, and it is “mostly home-grown.” Slader added that the data shows us New Yorkers are no longer using illegal sportsbooks, and “operators are also excelling at attracting first-time bettors.”
Loads of NY Sports Betting Transactions
GeoComply tracks geolocation transactions. Although these are not total wagers, they provide a strong indicator of market activity. There were 17.9 million geolocation transactions in New York last weekend, up from 17.2 million over the first weekend.
There is little evidence of players jumping around yet for all the bonuses being offered. Bettors in New York have an average of 1.36 accounts per player. That could continue to increase as more sportsbooks launch in the market, the latest being BetMGM which went live on Monday morning.
BetMGM kicked off with a $1,000 risk-free bet offer, similar to DraftKings Sportsbook and FanDuel sportsbook. So far, Caesars has offered the most generous bonus with up to a $3,300 promo code available.
NJ Not Impacted Yet
One of the more surprising statistics released from GeoComply was that New Jersey‘s geolocation transactions actually went up after New York went live.
The Garden State averaged 12.6 million geolocation transactions in the two weekends before the launch. That increased to an average of 13.1 million transactions in the two weekends following the launch.
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