More than $600M in 8 days for New York Sportsbooks

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The New York online sports betting industry is off and running, and it could lead to a historic amount of total betting handle for the first month. Online sportsbooks were allowed to launch for the first time on Saturday, January 8, and it was a massive first eight days for the state.

New York has actually had retail sports betting since 2019, but that industry was not experiencing much growth. The state finally started working on online sports betting in 2021, and it was actually a pretty quick process to get these sportsbooks launched.

The total sports betting handle for the first eight days in New York was over $600 million, which is much better than what was expected. The New York State Gaming Commission announced this total in an official report, and those sportsbooks also brought in plenty of revenue.

There were four sportsbooks live at the launch at the total gross revenue was over $48.2 million. Online sportsbooks have agreed to share 51 percent of the revenue with the state, and that means there is going to be plenty of tax revenue brought in.

Caesars Leading the Way

Caesars Sportsbook posted the largest sports betting handle in the first eight days, as that total was $257.7 million. Over $67 million of that total was brought in during the first weekend as bettors flockednfl100 to sportsbooks to bet on the NFL.

FanDuel Sportsbook posted a total betting handle of just over $200 million in the first eight days to finish in second place. DraftKings ($134.4 million) and BetRivers ($10.6 million) rounded out the report, but there is a clear top two in the state.

PointsBet Getting Ready to Launch

PointsBet is expected to be the 6th online sports betting option in the state of New York, although an official launch date has not yet been set. This is a company that is based in Australia, but it is a name that has become familiar in the U.S. sports betting scene.

PointsBet offers bettors a unique wagering opportunity through its one-of-a-kind points betting system. This operator is also known to feature some terrific bonus and promotional opportunities that will surely make it popular in New York.

The only disadvantage PointsBet will have is that it is getting a late start, but it will only add to the highly-competitive sports betting market in the state.

Bigger Market Than New Jersey?

The state of New Jersey has been the biggest sports betting in the United States, and it leads the way by a large margin. New Jersey was able to build up such a huge lead on other states because it was stealing business away from New York.

New Jersey finished 2021 by posting four straight months with a total sports betting handle of more than $1 billion. That state was expected to keep posting big numbers through February, but things could be changing in a big way.

Now that New York has gotten off to such a strong start, it appears as if the state could surpass New Jersey and take over the top spot after just one month.