Sports Betting in New Year Hits Billion Dollar Revenue Mark
Sports betting in New York jumped to the top betting market in the country this year. Ever since online sports betting was legalized in the state this January, New York continued to break records in sports betting. It has become the best example that the sportsbook pay per head industry has in terms of proving just how lucrative online sports betting is. And as just a few months shy of a year offering online sports betting in New York, the its gross gaming revenue hits $1 billion.
According to the state’s report, since its launch in January 8, online sports betting has a $1.03 billion gross gaming revenue. And since the tax rate for sports wagering in New York is at 51%, the state has collected more than $524.1 million in taxes in a span of just 10 months. The numbers that New York sportsbooks are throwing is nothing short of incredible.
Online Sports Betting in New York Continues to Shine
New York tracks sports betting activity in the state on a weekly basis. And in the week ending October 23, sportsbooks have a $365,676,278 weekly handle. This number is equal, and even higher, than monthly betting handles of other states in the US. If you look at a pay per head blog, you will see the different betting markets, how much money is wagered, and which sports are popular in each market.
For New York, their most recent week has $33,596,424 in gross gaming revenue. Again, this is probably as high as some betting markets have in a year. So with less than a dozen operators, and 10 months of operation, one can clearly see just how robust the sports betting market in New York is. Given how hard it is to visit places in New York, offering online sportsbooks is a very easy way to earn money from sports wagering.
And if you are using a pay per head service, also consider adding other gaming products like horse racing and casino games. In New York, legislators are now moving to expand iGaming to the state, which can reach a new customer demographic with new products. Or, you can get existing players in your sportsbook to try out your other gaming products.
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