- New York online sports betting reports record tax revenue
- NY sports betting markets have brought in 300 million in tax revenue
- Read below for a New York online sports betting update for July
Since the New York online sports betting launch back in January, they have just reported a record amount of tax revenue at over $300 million in just six months. Governor Kathy Hochul also explained how this revenue will be put to good use as it is directed towards youth sports, educational aid, and responsible gaming programs. Due to these factors, the New York sports betting market has become a leader amongst all other states when it comes to mobile sports wagering and successful gaming policies.
New York Online Sports Betting Reports Record Tax Revenue
New York sports betting apps have become increasingly popular over the past six months, with a record-breaking tax revenue to prove it. In fact, New York has collected more in mobile sports wagering than the total sports wagering revenue from any other state. And they were able to do this in six short months. New York collected over $302 million in the span of six months. This passes Pennsylvania at $265.5 million and New Jersey at $237.1 million in revenue.
New York State’s mobile sports wagering industry continues to break records!
In less than six months, mobile sports wagering generated over $302 million in tax revenue for New York — with the entire amount directed for education, youth sports & responsible gaming programs. https://t.co/Jqkr9dlA3Q
— Governor Kathy Hochul (@GovKathyHochul) July 9, 2022
You may be wondering why New York’s numbers have been so high. From the moment New York launched back in January, they have been gaining interest from various sportsbooks and bettors. Eight different brands offer their wagering platforms in NY sports betting markets, and there is no doubt that more of them will become interested.
NY Sports Betting Apps in Market
One of the reasons New York has started out so strong is the amount of sportsbooks they’re offering just within the first few months. The eight different sportsbooks you can bet through in New York are FanDuel, DraftKings, Caesars Sportsbook, PointsBet, WynnBET, BetRivers, and Resorts World. Each one of these apps are available to sign-up with a unique New York sports betting promo code.
Considering the popularity of New York online sports betting, I think it’s safe to say this list will continue to grow. Of this list, the few sportsbooks that have really shined in New York are FanDuel, DraftKings, and BetMGM.
Bally Bet Finally Joins New York Sports Betting
It’s been six months since the New York online sports betting launch and a ninth sportsbook has officially joined the roster. With New York now on the list, Bally Bet has officially entered into a total of six states. The other states include Arizona, Colorado, Indiana, Iowa, and Virginia.
Bally Bet has also recently come out with a “2.0 sportsbook platform” that was originally only in Arizona but will also be effective in New York. This 2.0 platform will give bettors faster access to live sports updates and popular betting options.
Statement from Bally's: Today, Bally Bet has officially launched its online sportsbook in New York for Android and iOS.
NY now has all nine approved legal online sportsbooks launched
— Mike Mazzeo (@MazzNYC) July 7, 2022
Although there are eight other well established sportsbooks active like Caesars Sportsbook New York, I don’t think this will stop Bally Bet from being a tough competitor. One advantage they have over all others is their ability to stream more than 40 professional sports. The reason this may give them a competitive edge amongst all other sportsbooks is Bally Bet’s opportunity to add online sports betting to their already existing online streaming service.