How Mobile NY Sports Betting Pulled In $150 Million In First Weekend
The first four NY sports betting operators took $150 million in bets over opening weekend, according to New York’s 2023 budget.
That $150 million was bet by more than 650,000 unique player accounts in more than 17 million geolocation transactions.
The fiscal 2023 budget expects $357 million from the state’s 51% tax on New York sports betting revenue.
More new NY sports betting data
New York sports betting market is off to a hot first 10 days, according to geolocation specialist GeoComply.
There were 1.2 million sports betting accounts created from launch Jan. 8 through the end of NFL betting on Monday night’s Rams-Cardinals game. Of those 1.2 million accounts, there were 878,000 unique players.
According to the release. 87.8% of those unique users on mobile NY sports betting. A total of 770,840 are new to the regulated US sports betting industry.
“The momentum of New York’s sports betting launch has continued and it is mostly home-grown,” said GeoComply Managing Director of Gaming Lindsay Slader. “The vast majority of users are brand new to regulated sports betting in the U.S.
“The data tell us that New Yorkers are dumping illegal sportsbooks for the new legal options and operators are also excelling at attracting first-time bettors.”
Plenty of New York sports betting transactions
GeoComply tracks geolocation transactions, which are not total wagers but provide a strong indicator of market activity, the company explained.
There were 17.9 million geolocation transactions in New York this past weekend, up from 17.2 million over the first weekend.
For all the bonuses being offered, there does not appear to be a ton of jumping around yet. New Yorkers have an average of 1.36 accounts per player. That could continue to tick up as more sportsbooks launch in the market, the latest being BetMGM which launched Monday morning.
BetMGM launched with a $1,000 risk-free bet offer, similar to FanDuel Sportsbook and DraftKings Sportsbook. So far, Caesars Sportsbook has offered the most with up to $3,300 promo code available.
No impact seen on NJ just yet
Another surprising GeoComply statistic: New Jersey‘s geolocation transactions actually increased after New York went live.
New Jersey averaged 12.6 million geolocation transactions in the two weekends before the launch. That jumped to an average of 13.1 million transactions in the two weekends after launch.
Only 9.3% of those betting in New York have bet with New Jersey sportsbooks before. per this data. Another 1.1% previously bet in Pennsylvania, 0.8% in recently launched Connecticut and 1% in other legal states.