The online New York sports betting market has blossomed in the opening weeks of NFL sports betting. Sportsbooks in New York reported $1.26 billion wagered in September. This is the most wagered since May 2022 at online NY sportsbooks. An overall uptick in wagers has occurred month over month in the Big Apple. Sportsbooks continue to dominate the betting market, but how much NY sports betting revenue did this generate?
Football Brings In Massive NY Sports Betting Revenue
There is a direct correlation between the NFL season and the increase in wagers in New York. Sportsbooks reported an average of $196.4 million in the four weeks leading up to the NFL season’s start. Following Week 1, online sportsbooks in New York reported an average of $312.6 million in weekly betting handle.
From September 4 to October 2, NY sports betting revenue totaled $120 million. With NY taking a 51% cut from gross gaming revenue (GGR), the Empire State collected $61.228 million in taxes. New York continues to dominate the US market in terms of both betting handle and sports betting revenue.
With the NFL season ongoing, the MLB playoffs incoming, and the NBA season about to start, New Yorkers will have a slew of betting options in the coming months. The betting handle and revenue numbers are only expected to continue to boom.
New York Sportsbook Dry Spell Ended
Prior to September, New York sportsbooks saw a drop-in betting activity compared to the first four months. While NY went on a billion-dollar betting streak that resulted in $6 billion in betting handle from January’s launch to April 2022. The streak ended in May with NY seeing just $926.9 million in bets. The market had not reached $1 billion in wagers until September.
The months in between saw multiple leagues in the offseason. The NFL, NBA, NHL, and NCAA football and basketball seasons were all concluded. Sports betting fans had less to wager on which resulted in lower handle and revenue. NY followed other markets which all saw a lull in activity during this stretch.
As sports betting picks back up nationwide, New York is expected to see an increase in betting activity going forward.