It quickly became one of the leading states for online sports betting in the country. The New York State Gaming Board has licensed FanDuel, DraftKings, Caesars Sportbook, Bet Rivers, BetMGM, PointsBet, Resorts WorldBET, WynnBET and BallyBet to operate on the market and are all currently in operation.
Since the online sports betting model began, it has to pay $1 billion a month. In July, the state reported $870 million in processing costs, marking the sixth consecutive month that it recorded more than $1 billion in processing costs.
July's results represent a 20% decrease from June's total handling of $1.05 billion, despite additional bets. However, both holdings and tax revenues increased in July despite a drop in volume. It held $73.3 million, slightly better than $72.4 million in June. Revenue rose to $37.4 million in July from $36.9 million in June.
During the last week of July, Empire State confirmed it had accumulated $177.7 million per week. That means more than $22 million in holdings for operators. That's almost double the amount before the week it reported holding $12.3 million. These results are much more similar to those in the last eight weeks.
Once again, in the month of July, nine operators were led by Panduel, which collected the most online gambling with $347.7 million in processing power. DraftKings came in second with a total of $213.5 million, and Caesars Sportsbook came in third with $118.2 million. Fourth place was BetMGM with $73.2 million, while BetRivers ranked fifth with $20.3 million in July.
Launched on July 7, 2022, Bally Bet grossed over $640,397 for the month of July. It pays over US$40,000 and US$20,441 in taxes. In August, the operator announced a partnership with the New York Yankees, which will certainly strengthen its presence in the region.
You can do eye gaming, too
In addition to legalizing mobile sports betting, NY lawmakers want to introduce iGaming as a legitimate option. According to a report by VIXIO Naming Compliance, Empire State is estimated to be able to earn about $428 million a year after decriminalizing online blackjacks, roulette and poker for gambling enthusiasts.