New York State’s online sports betting market has begun to recover from a summer slump as sports leagues around the world begin their season. A recent report from the New York State Game Commission confirms that for the first time since June 27, 2022, the amount of weekly bets on mobile bets has exceeded $200 million.
Empire State’s sports betting Internet market is somewhat new as it officially began accepting online bets on January 8, 2022. Despite the limited model of nine online operators, the state has quickly transformed itself into the capital of U.S. online sports betting, with its total handling now exceeding $9 billion.
The New York State Game Board reported in its latest report that the steering wheel has been bullish for the fourth consecutive week. For the week ended August 21, 2022, nine sportsbooks grossed a total of $200 million from online handles. It is the first time since June 27, 2022 that this handle has returned to the approximately $200 million level.
That’s still down from the weekly average since the online market began, but it’s a sign that sports betting is once again growing in the state. This is because the NFL has started pre-season games and will return in September for official games. The summer season was quite dry because MLB was the only major league player to run.
With the NFL and college football seasons just two weeks away, it is expected to be another boom in mobile sports betting in the state. It’s safe to say that New York’s bets are the main fans of football. According to a report by GeoCompley, 25% of all bets on this year’s Super Bowl were made in Empire State.
Since its launch, the market has accumulated more than $348 million in tax revenue to the state. Rob Williams, managing director of New York City GC, said this week that the state could easily exceed $500 million in taxes with the entire NFL season. And according to estimates, $500 million in taxes would increase the total handling of the current $9.7 billion to about $14 billion.
In a recent interview, New York Rep. J. Gary Pretlow spoke about the future of Empire State’s sports betting sector. The co-chair of the New York Congressional Racing and Games Committee argued that the new online market was successful, which clearly brought millions of dollars in tax revenue to the state’s finances. 무료슬롯사이트
However, one of the issues in the market that he even admits to is the 51% tax rate on licensed operators. Mr. Pretlow agreed that the promotion of sports books has dropped sharply over the past few months. And the solution, he believes, is to lower the tax rate to 37% or 38%, which would facilitate the introduction of more operators.