New York online gambling launched last weekend exceeded all expectations! Millions of bets were placed throughout the state, and although expectations are sky high, not all industry insiders agree the market will be as lucrative as expected.
Just twelve hours after launching, New York online gambling became the biggest market in the country! Caesar’s, DraftKings, FanDuel and BetRivers went live with sports betting on Saturday morning and the bets started coming in fast and furious! And even though the Caesar’s website crashed for three hours, they still took in a huge amount of money!
Over 17 million online bets were placed over the two days, and more that 8 million of those came from New York City. The Gaming Commission did not release any dollar amounts of exactly how much was bet, but they said those numbers would be published by month’s end. BetRivers did report they took in close to $1 million by themselves.
Other operators are still set to enter this market but sat out opening weekend until they get their licenses worked out. Of course, New York online gambling still has that ridiculous 51% tax rate on mobile sports betting. They believe that tax will bring the state $500 million in annual revenue within two or three years. A number industry experts feel is a bit optimistic.
