New Yorkers wagered approximately $1.96 billion on sports betting. The amount pertains to a single month in April 2024, 6% higher than March 2024. It represents a further increase of 27.3% compared to April 2023. However, it is only one of the highest amounts wagered, as New York had previously seen a mark of $2.11 billion in November 2023. Nevertheless, it demonstrates that there is a rising interest in sports betting across New York within 3 years.
The New York Gaming Commission legalized the online sports betting market in January 2022. Since then, the segment has only increased, along with a rising tax contribution.
New York’s gross gaming revenue, also known as GGR, from sports wagering alone amounted to $183.8 million. This is higher than April last year (2023) and the previous month of this year (March 2024). FanDuel turned out to be the biggest contributor to the number, with $91 million. It formed a crucial part of the total revenue of $780.5 million.
With $63.2 million and a handle of $737, DraftKing came in second. Others on the list, as per their rains, were Caesars, BetMGM, and Fanatics. New York is the highest contributor, with more than 37% of the total tax revenue that comes from sports betting in the US market. Most of the best sports betting sites in the USA have made their way into New York. It is only safe to assume that GGR and tax contributions from sports betting will increase over the years.
The release of the number coincides with the public release of pivotal declarations regarding the industry’s future. At the SBC Summit North America, a number of industry experts asserted that online offerings represent the future of the wagering industry, notwithstanding the initial challenges encountered by the market. The presence of online sportsbooks in over 38 states across the United States signifies a swift and extensive expansion.
The concern about its impact on physical venues continues to hold the industry.
There is a prevailing belief that the expansion of online venues may have a detrimental impact on the revenue of physical venues, thereby exacerbating the precarious placement of their employees. Professionals from the online wagering industry have determined that the objective is merely to broaden the product offering or, more precisely, to cannibalize the market rather than compete.
The concern about gambling addiction also affects the fast-paced growth of online betting. Online platforms practically put gambling in customers’ pockets.
Experts have rebuked those concerns by saying that measures are being taken along with the promotion of responsible gambling.
Moving forward, it remains to be seen how fast the market for online sports betting will grow amid rising concerns and rising interest at the same time.
