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March 26, 2024

New York's Mobile Sports Betting Hits $40 Billion Milestone

Ethan Moore
Written byEthan MooreWriter
Researched byMatteo BianchiResearcher

In a stunning display of the ever-growing popularity of mobile sports betting, New York has officially surpassed the $40 billion handle mark since its launch, joining an elite group of states in the sports betting arena. This impressive feat was achieved in a mere 115 weeks, showcasing the rapid adoption and enthusiasm for sports betting in the Empire State. Here's a closer look at this landmark achievement and what it means for the future of sports betting in New York.

New York's Mobile Sports Betting Hits $40 Billion Milestone
  • Key Takeaway One: New York reached the $40 billion sports betting handle in just 115 weeks, a testament to the state's booming betting market.
  • Key Takeaway Two: FanDuel leads the charge, accounting for more than half of the total sports betting revenue, crossing $200 million in 2024 alone.
  • Key Takeaway Three: The nine digital operators collectively posted over $40 million in revenue, highlighting a prosperous period for sports betting in the state.

A Closer Look at New York's Sports Betting Success

The Empire State, alongside New Jersey, stands tall as one of the few states to hit the $40 billion benchmark in sports betting handle since the expansion of state-by-state betting in 2018. This milestone was reached after a week of impressive betting activity, with $445.3 million worth of wagers placed for the week ending March 17.

FanDuel has emerged as a dominant force in New York's mobile betting landscape, contributing significantly to the state's success. With more than 40% of the mobile market share, FanDuel's influence is undeniable, having crossed the $2 billion handle mark this year. Other operators like DraftKings and Caesars Sportsbook also play pivotal roles, with noteworthy contributions to the weekly winnings and overall market growth.

The Impact on Revenue and Taxes

The collective efforts of the nine digital operators have not only pushed the handle past $40 billion but also led to a substantial increase in sports betting revenue. With a collective 9%-plus hold, these operators claimed $40.2 million in revenue, contributing to an estimated $20.5 million in taxes for the week. This financial boost is a clear indicator of the positive impact sports betting has on New York's economy.

Looking Ahead: The Future of Sports Betting in New York

As New York continues to break records and set new benchmarks in the sports betting industry, the future looks promising. The state's robust regulatory framework, combined with the active participation of leading betting operators, sets the stage for continued growth and innovation in this space. With each passing week, New York cements its position as a leading market for sports betting, offering valuable insights into the evolving landscape of digital betting in the United States.

In conclusion, New York's journey to the $40 billion sports betting handle milestone is a story of rapid growth, strategic market dominance, and substantial economic contributions. As the state looks to the future, the continued success of its sports betting market will undoubtedly play a crucial role in shaping the broader narrative of mobile sports betting across the country.

(First reported by: SportsHandle)

About the author
Ethan Moore
Ethan Moore
About

Ethan "BetMaster" Moore, born amidst the pulsating energy of London, combines a sharp analytical mind with the excitement of sports. As the chief writer for BettingRanker, he offers a unique blend of stats, strategies, and stories, making the world of sports betting both accessible and thrilling.

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