New York Sports Betting Sets Record With $1.6 Billion Handle In Mobile Gambling

New Yorkers are betting on sports online at a historic pace, taking advantage of the recent decision to legalize the practice. With mobile sports betting available in New York for just part of January, the state set a record with $1.6 billion in handle, according to the New York State Gaming Commission.

Sports betting went live in New York on Jan. 8. That was enough time for the state to eclipse the previous record for sports betting handle in a single month, which had been held by New Jersey at $1.3 billion.

"Some states have taken months, even years, to get up to a running pace and New York seems to have hit the ground at full gallop," Eric Ramsey, market analyst lead for sports wagering data company PlayUSA Network, told CBS MoneyWatch. "There's not a question: New York is already the largest sports betting state in the country."

Four mobile sportsbooks were part of the initial launch in New York. Of that group, Caesars leads the way with $615.5 million in bets. FanDuel Sportsbook is second with a $501.8 billion handle.

Six sportsbooks are now live in New York with more on the way.

The NFL playoffs have driven much of the wagering. The week ending on Jan. 23 saw the most money wagered with a handle north of $572 million.

The gross gaming revenue for mobile sports wagering is taxed at 51% in New York. It’s resulted in close to $58 million in sports gaming taxes over the course of a little more than three weeks.

All of this comes before the biggest sports gambling day of the year. The Los Angeles Rams and Cincinnati Bengals will play in the 2022 Super Bowl on Feb. 13.

Prior to last year’s Super Bowl, the American Gaming Association estimated that 23.2 million Americans planned to bet a total of $4.3 billion on the game between the Kansas City Chiefs and Tampa Bay Buccaneers.