Sports betting has gained tremendous popularity over the years and is now gaining ground on mobile devices. For example, new York state noted a mobile sports betting record within its first month of allowing users to explore this option. With nearly $1.62 billion in volume, sports wagers are clearly more popular than ever.
New York State And Mobile Sports Betting
The concept of mobile sports betting continues to gain momentum across the United States. Although various states allow citizens to do so, New York state was a bit behind the curve. However, the past three weeks’ statistics confirm there is a huge market for mobile sports wagering. All previous records in the US were broken, which is rather impressive.
New Jersey noted the previous record of $1.3 billion in October 2021. However, new York state did one better by recording nearly $1.62 billion between January 8th and January 30th. The surge of mobile sports betting was led by Caesars Entertainment with $615.5 million, ahead of FanFuel and DraftKings. In addition, BetMGM had a decent first two weeks with over $78 million, hinting at more potential growth.
While some US states take months or years to enable mobile sports betting, there is no particular first-mover advantage. The launch in New York state shows now is a good time to enter the market. Whoever does so nxt may very well set another new monthly record, depending on the availability of services and wagering options. More importantly, New York state taxes 51% of the gross gaming revenue, bringing in over $55 million in the first three weeks.
Contributing factor to the popularity of mobile sports betting in New York state is a hectic sports schedule – NCAA, NFL, NHL, and NBA – and being the state with the largest population. There have also been some strong marketing campaigns to bring more eyeballs to this mobile-first approach. The big question is whether Caesars Entertainment can maintain its strong market lead.
Disclaimer
For paid/sponsored articles, FintechMode neither endorses nor takes responsibility for the accuracy, timeliness, quality, and content of said articles. The statements, views and opinions expressed in paid/sponsored articles are solely those of the content provider and readers are reminded that Cryptocurrency products are unregulated in most locations and can be highly risky. Do your own research and consult relevant financial experts before making any investment decisions. FintechMode will not be held accountable, either directly or indirectly, for any harm or loss that may stem from or be linked to the usage or reliance on any information, goods, or services mentioned on this page. If you have any concerns, please email [email protected] or refer to our Terms & Conditions
