New York online sports betting takes in $4.84bn in first quarter

Finance News

According to the latest figures from the New York State Gaming Commission, commercial sportsbooks in the Empire State generated $4.84bn in the first quarter of 2022.

Revenue was up 7% month-on-month from the $1.6bn generated in April 2021 to $1.67bn.

Online betting commenced Jan. 8 in the Empire State through DraftKings, FanDuel, Caesars, and BetRivers, bringing New York into the digital era that has seen an exponential rise in handle, operator revenue, and state tax receipts nationwide. 

BetMGM and Wynnbet also joined the market ahead of many other operators waiting to receive their approval from the state gaming commission.

Governor Andrew Cuomo announces highlights of New York’s enacted budget for the fiscal year 2022, which authorized mobile sports betting in the state. The budget projections include $99 million in state revenue for the remainder of this year and more than $500 million in state revenue once mobile sports betting is fully phased in.