In true New York fashion, it took just three weeks for the state to set a U.S. record for most money wagered on sports betting in a single month.
According to Friday’s financial report from the New York State Gaming Commission (NYSGC), New York bettors placed $1.6 billion worth of bets between Jan. 8-30, the most all time for a single month of any U.S. state.
The previous record, which was set by New Jersey in Oct. 2021, was $1.3 billion — New York crushed that record in just three weeks.
“New York supplanting New Jersey as the nation’s largest sports betting market was inevitable, but few thought it would take only three weeks,” Mike Mazzeo, lead analyst at PlayNY.com wrote to MarketWatch in an email. “Betting should calm some once football season ends and operators slow their promotional spending. Still, it’s clear that New York is going to be the flagship sports betting market in the U.S. for the foreseeable future.”
New York state passed sports betting legislation in 2021, and began accepting bets in January 2022.
The NYSGC approved nine online sports-betting operators for licenses, including DraftKings DKNG, +6.52%, FanDuel, Bally’s Corp. BALY, +1.99% BALY, +1.99%, BetMGM MGM, +3.63%, PointsBet, Caesars CZR, +3.23%, WynnBet WYNN, +1.51%, Kambi and Resorts World.
Many sports betting companies that are publicly traded saw their stock prices drop in recent months, but many of them are up today after the record betting numbers were released by New York.
During Friday’s trading, DraftKings Inc. is up 4.91%, Caesars Entertainment Inc. is up 2.37% and MGM Resorts International is up 2.77%, compared to the S&P 500 which is up 0.73% on Friday.