As of July 2019, Sports Betting has been legal in the state of New York. According to data presented by Safe Betting Sites US, New York recorded its highest monthly revenue from sports betting in January 2021 – $3.57M.
NY’s sports betting industry made $350K in revenue in its first month of operations after legalization in July 2019. In January 2021, NY registered its highest monthly revenue from sports betting at $3.57M. This figure is also a 58% MoM increase from December 2020’s revenue of $2.26M and almost $1M more than the previous record highs set in Oct. and Nov. 2020.
NY’s sports betting industry also earned a record high for tax revenue in January 2021, earning just under $357K compared to the previous high of $262K set in October 2020.
The state of New York was one of the first epicentres of the COVID-19 pandemic in the USA. This heavily impacted several industries as NY essentially had to shut the economy down in order to save lives. As a result, in February 2020 the sports betting industry in NY registered -180K in revenue and only slightly increased in March to $100K before being completely shut down until September later that year.
Rex Pascual, Sports Betting Editor at Safe Betting Sites US, commented;
“New York is North America’s most valuable sports market according to Forbes and has been for some time, giving it huge potential in the budding US sports betting scene. After enduring the hardships imposed by the pandemic, NY’s sports betting industry is poised to bounce back, with its early 2021 numbers indicative of a promising rebound.
You can read more about the story with more statistics and information at: https://www.safebettingsites.com/us/2021/05/10/ny-sets-sports-betting-monthly-revenue-record-high-in-jan-2021-36m/
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