We learned two things on Monday. First, New Yorkers were ready to bet. Second, they didn’t want to leave their homes to do it.
Four mobile sportsbooks began operating on Saturday, and while we are waiting on the official numbers, Ryan Butler of Wagers.com reports that New York generated more mobile wagers than any other market ever on its first day of legalization.
The tax revenue generated by the state is even more impressive. All mobile sportsbooks operating within the state will be subject to a 51% tax on their profits. In two-and-a-half years of legalized retail betting, the state has generated $3.7 million in tax revenue. It is projected that the tax revenue generated by mobile betting in a single day beat that number.
California may be the only state with the population to justify implementing a tax as large as New York’s on sportsbooks. Still, plenty of states where mobile betting has not yet been legalized will have their eyes on what has happened in the Empire State.
BetRivers, Caesars, DraftKings, and FanDuel all launched over the weekend. The former reported that just under $1 million was wagered on its platform on day one. Butler says that is very good news for the other three books.
There are even more options to come. Nine sportsbooks were given a license to operate in New York. The New York Gaming Commission says BallyBet, BetMGM, PointsBet, Resorts World and WynnBet will beging operating on a “rolling basis,” but did not specify when that may begin.
You can bet after seeing the action and revenue generated on day 1, the books and the state are probably a little more impatient for that day to arrive.
