It’s finally happened! New York mobile sports betting has launched, and opening weekend lived up to the hype! Operators took in millions of bets over the weekend, and expectations are high! But not everyone is quite so optimistic about the future of the industry.
New York mobile sports betting launched over the weekend… and 12 short hours later they were the largest sports betting market in the country! And that is this week’s big story! Caesar’s, DraftKings, FanDuel and BetRivers all went live in New York state on Saturday morning, at 9 00 a.m local time, and the bets started pouring in! However Caesar’s website went down for about three hours, right in the middle of the rush, prompting management there to say: “No!!!”
Early numbers indicate that there were more than 17 million New York mobile bets placed over the weekend, with over 8 million of those bets coming from New York City… and over 4 million of those bets came from Charles Barkley! We love ya, Chuck! Now, the State Gaming Commission did not release any dollar figures about how much was bet over the weekend. They said those numbers would come at the end of the month. However, BetRivers reported that they took in nearly $1 million, all by themselves, if that gives you any indication.
Now, PointsBet, Resorts World, BetMGM, and several other operators are still set to enter this market, they just had to sit out opening weekend until they get their shit together… speaking in a regulatory sense, that is. Of course, as many of you know, the state has a ridiculous 51% tax rate on mobile sports betting. A number they believe will translate into $500 million in annual revenue by the year 2024. A number that many industry experts feel could be a bit optimistic. However, politicians in New York state are undeterred. After all, if they don’t get the amount of money they want from this tax rate, they could always raise it to 60%… 70%…. So, after years of trying, New York mobile sports betting is finally up and running. And hey, that’s a major accomplishment, my friends!
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