- Caesars, DraftKings, FanDuel and Rush Street Interactive all launched apps to coincide with market’s opening
- 650k accounts contributed to betting surge
New York’s online sportsbooks took US$150 million in bets during the first weekend that the US state’s market was open.
New York’s decision to become the 18th state to legalise online sports betting saw gambling giants Caesars, DraftKings, FanDuel and Rush Street Interactive launch their mobile apps on 8th January, with 650,000 player accounts contributing to the betting spree.
According to GeoComply, which provides geolocation services to US sportsbooks, 1.2 million accounts have been created in New York in the last two weeks. Of those users, 87.8 per cent are new to regulated sports betting.
GeoComply adds that during the first weekend of the National Football League (NFL) playoffs, there were 17.9 million geolocation transactions with New York sportsbooks.
With BetMGM having rolled out its sportsbook app on 17th January, and with four more operators looking to meet state requirements, New York’s online sports betting market is forecast to achieve rapid growth.
CBS reports that the state will set a new record for the highest amount of sports wagering in the first two months of business.
According to the New York executive budget, the state is also projecting to bring in US$249 million in revenue from sports betting this year. By 2027, New York expects the betting market to generate US$518 million in tax revenue.
Outside of Nevada, home to the gambling hotspot Las Vegas, New Jersey remains the largest state for sports betting. According to GeoComply, there were 13.1 million geolocation transactions with New Jersey sportsbooks over the past two weekends since New York launched. This marks a nearly four per cent increase over the previous two weekends.