The New York sports betting market has started on the right track as four sportsbooks operators were able to accept bets. These sportsbooks in the Empire State have brought in $150 million in bets.
The Average Sports Betting Volume in New York was Strong
The $150 million was spread throughout 650,000 unique player accounts. The opening weekend saw a combined total of 17.2 million geolocation transactions. There were 17.9 million geolocation transactions in the second weekend of sports betting.
GeoComply, which provides geolocation compliance and fraud-security services, stated that the company has never seen the number of this volume of new accounts being made. There were 1.2 million sports betting accounts created from launch Jan. 8 through the end of NFL betting on Monday, where the Los Angeles Rams faced the Arizona Cardinals.
Fewer people also crossed state lines to New Jersey to place wagers on sports as only 9.3 percent of people headed to New Jersey. Of the 1.2 million new accounts, 87.8 percent or 770,840 were unique players in the market.
GeoComply Managing Director of Gaming Lindsay Slader stated, “The momentum of New York’s sports betting launch has continued, and it is mostly home-grown.”
The vast majority of users are brand new to regulated sports betting in the U.S. The data also shows that bettors across the state are taking the legal sports betting approach and moving away from illegalized sportsbooks.
New Jersey’s sports betting handle has benefited from residents coming from New York to place wagers. Up to 20 percent of the nation’s top sports betting market came from New York in previous months. However, that may not be the case moving forward.
New York Sports Betting Market Affect on New Jersey’s Market
New York is home to the most populous state in the sports betting industry, with approximately 20 million people in the state. New York City is home to 8.4 million people. New York is believed to have a significant effect on New Jersey’s market, but it does not seem to be the case at the moment.
Bettors across the state wagered on the last week of the NFL regular season, with some games having playoff implications. Bettors also bet on the College Football National Championship between the Georgia Bulldogs and Alabama Crimson Tide.
BetMGM was available just in time for the game between the Los Angeles Rams and Arizona Cardinals. BetMGM had the same promotion approach as FanDuel Sportsbook and DraftKings Sportsbook, offering a $1,000 risk-free bet offer. Caesars Sportsbook had the highest promotion with up to a $3,300 risk-free bet.
New York bettors have an average of 1.36 accounts per player, but this has not harmed New Jersey’s sports betting market. New Jersey averaged 12.6 million geolocation transactions two weekends before the Empire State’s mobile launch. Two weekends after the launch, the numbers increased to 13.1 million transactions.