New York Sports Betting Report Sees Surge

The New York sports betting report shows a surge in online sports betting in the state, giving the market a great start to the year. Our latest gambling industry news starts with a bang. The New York State Gaming Commission reports that $410.8 million in wagers were placed during the week ending January 1.

This gives us the highest weekly handle reported since November. And it is also a huge jump in handle from the previous week’s $352.6 million. And those who manage their own pay per head sportsbook will want to note that the gross gaming revenue of the state’s online sportsbooks are at $23.9 million. This is down from the previous week’s $37.8 million. The hold percentage was 5.8%

New York Sports Betting Report Says Good Things

The report also tells us that we are seeing 8 straight weeks of seeing sportsbooks in the state take in wagers more than $400 million weekly. These are great numbers, considering that online sports betting has been legal for barely a year, having launched back in January 2022. And that is not the only record the state has made.

Last year, New Jersey say $10.6 billion in sports wagers. New York beat that with $16.2 billion in its first year. It is truly a record-setting year for the state, considering that they only have 9 online sports betting operators. Its also not surprising, since it took the state only 16 days to hit $1 billion in wagers when sports betting started in the state.

Things can actually improve even more as more operators join, and if the state will consider adding more products. For instance, the Bwager online gambling software actually offers online casino gaming as well. If New York can do that, then the numbers we see now will be paltry compared to seeing a larger online gambling market in the state.

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