Thursday, January 27

How Much Money Will NY Online Sports Betting Generate in January?

Josh Allen TD celebration

Buffalo Bills quarterback Josh Allen (17) celebrates a touchdown during the second half of an NFL football game against the New York Jets in Orchard park, N.Y., Sunday Jan. 9, 2022. (AP/ Photo Jeffrey T. Barnes)
  • New York online sports betting started January 8, 2022
  • The Empire State is on its way to becoming one of the biggest sports betting markets in the world
  • The first month with online NY sports betting could draw upwards of $1 billion in total wagers

Many New York sports betting apps are drawing a ton of action after launching in the Empire State, and there’s good reason to believe over $1 billion could be wagered through January.

Nearly 6 million people registered and placed a bet with a New York sportsbook on the first weekend of online wagering. With the NFL playoffs set to get underway on January 15, the total handle could increase dramatically. While retail sports betting began in 2019, New York was missing out on a ton of tax revenue without online wagering.

Let’s dig deeper and estimate just how much money online NY sports betting could generate in January 2022.

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First Month of NY Online Sports Betting Could Draw Over $1 Billion

With online New York sports betting finally underway, bettors in the Empire State are eagerly awaiting to see just how much money is wagered from mobile apps and betting sites in the first month.

In-person betting has been available at retail sportsbook locations since 2019, but New York sports betting revenue has underperformed without online wagering. Now that NY sports betting mobile apps are live, the state will start to see numerous benefits from the boost in tax revenue. This boost shouldn’t be underestimated, as wagering with a mobile app is far more convenient than visiting a retail sportsbook.

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Since New York opened retail sportsbooks in 2019, the state has only collected $3.7 million in tax revenue. With over 17 million mobile wagers tallied in New York on the opening weekend, the Empire State might clear that revenue figure in just one weekend thanks to the sportsbooks launching their mobile apps.

Prior to the launch of online wagering, many New Yorkers were traveling into nearby New Jersey to enjoy betting sites and sportsbook apps. New Jersey is coming off three straight months where they collected over $1 billion in total handle, and if the Garden State can pull that off, there’s no reason to doubt New York will soon be doing the same.

If the Empire State doesn’t manage to hit over $1 billion in total wagers through January 2022, it’s pretty much a guarantee their first full month through February will hit that figure, especially with Super Bowl LVI on February 13th.

New York Sports Betting Handle Will Increase as More Sportsbooks Launch

The first weekend of NY online sports betting saw a total of four sportsbooks go live:

With the sports betting action going wild across the state, BetRivers NY reported a total of $970,381 in wagers was placed with their sportsbook on Saturday.

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Five more NY sportsbooks are expected to launch in the near future, which will only drive up the monthly handle in New York:

More NY Sportsbook Apps Launching

Make sure you stay tuned to Sports Betting Dime for all the latest updates on when these world-class sportsbooks are set to go live.

Of the remaining sportsbooks waiting to launch, BetMGM New York appears to be in a great position to make a big splash on the sports betting market in the Empire State. BetMGM NY is offering a $1,000 risk-free bet for new users that sign up with their sportsbook when they launch on January 17, 2022.

First NY Sports Betting Revenue Report Expected to Arrive in February

As NY sports bettors continue to enjoy the action through January, many will be eagerly anticipating the first revenue report from the New York State Gaming Commission.

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While it’s unclear exactly when this first report will arrive, anyone interested in these figures can expect them to arrive in early February.

We’ll be the first to let you know when these totals arrive, but again, expect them to be near the $1 billion mark.

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