Last week, neighboring state Pennsylvania announced its total wagering revenue was close to $376 million in February, with its iGaming revenues making up about 27% of that number.
In neighboring Connecticut, the amount of money wagered on iGaming far outpaces the amount bet on sports. Connecticut’s February iGaming handle topped $743.8 million, compared to the month’s sports betting handle of $115.6 million, with $108.7 million of that coming from mobile sports betting.
So, there you go: Two states are reaping the benefits, solidifying the fact iGaming revenue is a powerful driver for sustained and consistent gaming success.
New York Wants In on iGaming
In recent weeks, steps are being taken to get iGaming into the New York sports betting mix.
In late February, state Senator Joseph Addabbo, Jr., chairman of the Senate Racing, Gaming and Wagering Committee, introduced Bill S8412, in hopes of bringing online interactive gaming to the state.
The bill includes any authorized casino slot or table game determined to be suitable for any online wagering in the state. Among the key bill points:
- Casinos would house servers (just like sports betting)
- Two skins for each license holder, which would include both casinos and tribes
- Twenty-five percent tax rate (sports betting is 51%)
- Master licenses will have a $2 million fee plus $10 million for each online skin.
Currently, the bill is in the committee Addabbo chairs, with a hearing date still to be determined. The legislative session ends June 2 in Albany.
Addabbo told Gambling.com – the parent company to EmpireStakes.com – last Friday he expects iGaming to be legalized, if not this year, then down the road, noting mobile sports betting took more than two years of discussions and negotiations before being approved.
The current effort to legalize iGaming includes conversations about the bill’s advantages, such as millions of dollars set aside to combat gambling addiction, Addabbo said.
“It’s not a matter of if, but when,” Addabbo said. “We’re laying down the groundwork.”
New York Mobile Sports Betting Tops $3.9 Billion
Last Friday, the New York State Gaming Commission (NYSGC) announced that from the state’s Jan. 8 launch through March 13, New York sports betting took in more than $3.9 billion in wagers that generated more than $140 million in tax revenue.
In the week of March 7-13, eight of the nine online sportsbooks authorized to operate in New York accepted $406.4 million in bets.
The ninth mobile sportsbook, Bally Bet New York, expects to be operational next in the state sometime in April.
Since launch, FanDuel New York has taken in the most sports bets at $1.39 billion. Caesars Sportsbook New York has accepted $1.08 billion in wagers and DraftKings New York is closing in on the billion-dollar club, having taken in $952.6 million in bets.