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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.

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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.

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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.

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The state intends to use its sports betting revenue for youth sports programs, education, and addressing gambling problems.

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