The state of New York has already become the biggest online sports betting market in the United States, and it’s about to get even bigger. BallyBet is now live in the state after the online sportsbook app launched without much fanfare.
BallyBet is now the ninth and final online sportsbook to launch in New York, and it would take a new
law before any other apps can enter the state. This is also the first new option in the state of New York since March 3, as the other eight companies wanted to be live in time for the start of March Madness.
The leaders at BallyBet initially planned a late April launch, but it was then pushed back to the end of the second quarter. BallyBet was not willing to compete with the other big names in the state in terms of offering massive welcome bonuses or promotions.
Bally’s is the parent company of BallyBet, and it is located in Rhode Island. This company has gained access into the state of Tennessee as well, and a launch there is now imminent after going live in the state of New York.
Trending in the Wrong Direction
Even though New York continues to be the monthly leader for sports betting in the United States, the numbers are actually trending in the wrong direction. This was to be expected due to the sports calendar, but it’s still something that operators and the state want to correct.
The total sports betting handle for the month of June was $1.052 billion, which was the lowest month since the launch in January. New York was still able to collect nearly $37 million in taxes thanks to a tax rate of 51%, the highest in the United States.
Handle Approaching $9 Billion
By mid-July, the total sports betting handle in the state of New York is going to go over the $9 billion mark, making it one of the biggest markets in the United States since the fall of PASPA. What makes this even more impressive is that other states have had a two-year head start over New York.
Illinois is currently the fourth-largest market overall as it has posted a total handle of more than $12 billion through the month of April. New York will likely take over that spot at some point this fall, but it’s going to take the return of football to make that happen.
FanDuel Leading the Way
There are really four leaders when it comes to the biggest sportsbooks in New York, but one has
completely lapped the field. FanDuel Sportsbook has brought in $3.4 billion in bets since the beginning of January, and it has also posted a total revenue of just under $281 million.
DraftKings and Caesars are in second and third place on the list, respectively, and they have combined to post a total handle of $3.9 billion. BetMGM has gone over $775 million in total handle, but there is a huge gap after those four online sportsbooks.
