In 2023, New York’s online sports betting had a record-breaking year, especially in December, when it earned over $2 billion for the third month in a row. The New York State Gaming Commission reports that sportsbooks in the state made more than $188.3 million in December alone, surpassing the previous high of $166.3 million from October.
When we compare December 2023 to the same month in 2022, there’s a clear jump in growth. In December 2022, mobile betting reached $1.62 billion, but in December 2023, it shot up to $2.04 billion – that’s almost a 26% increase. The money made from mobile sports betting also went up by nearly 33% compared to the year before. These numbers show that mobile sports betting is really taking off.
As we move into 2024, New York is leading the way in sports betting. The state is trying to find a good balance between making money and keeping things under control.
Right now, there are nine big online sports betting companies in New York:
- Bally Bet
- BetMGM
- BetRivers
- Caesars Sportsbook & Casino
- DraftKings Inc.
- FanDuel Sportsbook & Horse Racing
- PointsBet
- Resorts World Bet Sportsbook
- WynnBET
The market has grown a lot since sports betting became legal, bringing in more users and more money. A big part of this story is Senator Joseph Addabbo Jr. He’s pushing for more than just sports betting; he wants New York online casinos and, of course, poker, too. He believes this could really help the state’s economy, especially with the budget issues they’re facing.
When it comes to money, New York is thinking about changing the 51% tax rate on sportsbooks. This could make the market more competitive and bring in more players. Plus, a new 30.5% tax on online casinos could be a big source of income for the state. Of course, there are challenges in expanding betting options, but the mood is generally hopeful. New York has learned a lot from setting up sports betting and is using those lessons as it explores more options like iGaming.
All in all, New York is really committed to growing and innovating in the betting world. The successes of 2023 and the developments in 2024 will likely shape the future of betting in New York and beyond.