- Since its launch in January 2022, NY has seen over $400 million in mobile betting revenue with the state seeing over $200 million in taxes.
ALBANY, N.Y. – Morgan Stanley has recently given its projections on the New York sports betting market, predicting revenue reaches $1.7 billion by 2025.
This would be a US-high in revenue and New York is poised to reach this milestone. Since launching online sportsbooks in New York, the market has quickly become the biggest in the country.
The financial investment firm expects this to continue and the revenue numbers show that this is not a farfetched idea.
New York Online Sports Betting Market Since Launch
New York launched online sportsbooks in January 2022 and immediately cracked the billion-dollar betting handle market out the gate. In fact, New York has seen $6 billion in mobile handle since its launch.
|Month/Year||Mobile Handle||Revenue||Hold Rate||State Tax Revenue|
New York sees more than $200 million bet at its mobile sports betting operations weekly according to official reports, with 10s of millions in revenue.
If this pace continues, New York may see close to $1 billion in total revenue before the end of 2022. The Empire State collects 51% of the total betting revenue so the projections by Morgan Stanley, based on state tax revenue, are on pace to come true.
Why Is New York So Successful
New York is one of the most populated states and is home to some of the largest sports franchises across multiple leagues.
Because of this, NY has a strong local fanbase. This was evident with how quickly the legal mobile sports betting market in NY jumped to the top of the US.
These factors alongside the overall growing popularity of the US betting market are the core reason for NY’s early and potentially continued success.
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.