New York State See's Their Biggest Betting Week Yet: New Yorkers Bet The House On The Super Bowl

New York State See's Their Biggest Betting Week Yet: New Yorkers Bet The House On The Super Bowl
Image © Kimberly P. Mitchell via Imagn Content Services, LLC
Frank Weber
Author:
Frank Weber
Updated: 
August 26th 2022 - 08:24 AM

New York State sports bettors felt particularly strong about this year's Super Bowl, wagering $472.1 million in the run-up to the big game.

It was one of the best weeks of sports betting in New York’s brief sports betting history. As of right now, the third week of January holds the crown for the most amount of money wagered by New York residents, with $572.5 million put on the line in that week alone.

New York lawmakers are smiling ear-to-ear at these figures, considering they are relying heavily on sports betting to bring in a substantial amount of tax revenue. The state takes 51% of gross revenue generated by each of the seven licensed mobile gaming vendors.

The seven approved sportsbooks in New York State are:

In fiscal year 2022, New York State expects to take in $249 million from taxes on gambling revenues–and I’m no accountant, but If I were to bet on it I’d say they’ll take in well over that number.

A big fear of legalizing sports betting in New York was its possible impact on the sports betting market in New Jersey. When sports betting was legal in Jersey and not in New York, many New York residents would take the quick trip over the George Washington bridge to place their wagers, and then just drive home. However, now that its legal in New York that is no longer necessary, so New Jersey was potentially losing out on a lot of their bettors.

Well, after a total of $1.3 billion was wagered on online sports betting in New Jersey in the month of January alone, that fear has been extinguished. Jersey residents placed $143.7 million in bets on the 2022 Super Bowl, and Jersey continues to have one of the strongest betting markets in the entire country.

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