Last updated on December 31st, 2023 at 02:55 pm
The largest sports betting market in the US is about to close its second, and most successful year so far. Online sports betting was legalized back in 2022, and since its launch, has proven itself to be one of the most lucrative betting markets. And sports betting in New York is actually one of the most successful markets not just in the country, but around the world too.
The year started off well, with January 2023 seeing almost $1.8 billion in monthly handle. That figure was 6.7% higher than that of January 2022, and the state’s first handle. Since its launch, there are now nine online sportsbooks running in the state. Sites like 9DollarPerHead.com continue to see an increase in betting activity as reported by their bookies. This is similar to what we are seeing in New York. The growth in betting activity also helps push revenue to heights we have never seen before.
Sports Betting in New York in 2023
Those who want to become a bookie will be pleased to see that this is not just a one off, and is similar with other states, but not at this scale. Across the country, year-on-year numbers average a healthy increase in handle, revenue or both. Thus, being a bookie continues to be a profitable business venture.
And with easy access to Pay Per Head services, starting an online sportsbook is easy and affordable. And with online sportsbooks so easy to access for bettors, more and more people are gaining awareness, and registration continues to increase. In fact, New York saw as much as $62 million in revenue in a week – the highest weekly figure the state has seen, back in October 15. The revenue came from a $402.7 million handle. And October was such a good month for sportsbooks too. New York recorded the highest monthly handle of $2 billion this October. This is the first time any state has recorded that high of a handle. Credit for that goes to baseball, basketball and football season all running alongside each other.
The challenge lies in sustaining this level of interest and activity in the years to come. Everyone in the sports betting industry will be looking at New York, who has emerged to be one of the most powerful markets ever.
