Online Sports Betting in New York has reportedly generated $862 million in 2023, which is only the second year of operation. This is according to New York Governor Kathy Hochul. In total, online sports betting in New York has generated $1.75 Billion since it was legalized, with $693 million generated in 2022, plus $200 million in licensing fees. The money generated is used to fund education, sports programs for underprivileged children, and problem gambling prevention and treatment.
Online Gambling Could Expand in New York
New York legalized online sports betting back in April 2021, when a bill was signed by Andrew Cuomo, who was the Governor at the time. The state had its first online bets placed in January 2022, when New York allowed a limited number of operators to begin taking bets. Since sports betting was permitted, New York has become one of the largest sports betting markets in the United States.
As of today, there are no laws officially permitting online casino gambling in New York. Neighboring states, such as New Jersey, Pennsylvania, and Connecticut, have all passed bills to allow online casinos.
There are many supporters of online gambling expansion in New York, and a recent bill has been introduced to permit online casinos, internet lottery sales, and possibly online betting on horse racing. However, it is unlikely that these expansions will come into effect before 2025.
New York Holds 9 of the 10 Biggest Monthly Handles
New York now ranks as the third biggest sports betting market in the United States, behind New Jersey and Nevada. Both of those markets have offered sports betting for over five years. However, since New York stepped into the ring, it holds 9 out of the top ten biggest monthly handles in sports betting. The only spot in the top ten it does not hold was November 2023, which goes to New Jersey.
The reports have also indicated the top four sports, which have generated over $11 billion in online bets. The top four sports are:
- NBA: $3.6 Billion
- MLB: $3.2 Billion
- NFL: $2.9 Billion
- NCAAF: $1.1 Billion
Overall, it looks like sports betting has a very bright future in New York, and we look forward to seeing if the state gets an expansion to its online gambling in the near future.
