New York opened online sports betting on Jan. 8th handling $150 million in its first weekend across DraftKings, FanDuel, Rush Street Interactive, and Caesars sportsbooks.
More than 650,000 player accounts contributed to the first weekend’s activities, and as of Jan. 18, GeoComply says 1.2 million accounts have been created, with nearly 88% reportedly new to regulated betting.
New York expects to bring in $249m in revenue this year, jumping to $357m in revenue in fiscal 2023.
By fiscal 2027, the state forecasts it will record $518m in revenue per year.
New York has more than 20 million residents and one of the highest tax rates in any legal U.S. sports betting jurisdiction — 51% for 10 years.
The state intends to use its sports betting revenue for youth sports programs, education, and addressing gambling problems.
