Currently, twenty states allow residents to bet on sports online. In addition to traditional sports like basketball and football, other games of chance include poker, video poker, and horse racing.
Online sports betting is expected to start in New York in January 2022. According to New York’s executive budget, sports betting will generate $249 million in revenue in 2022. Of that revenue, $200 million will come from licensing fees.
New York sportsbooks have already broken several handle records. In January 2022, they shattered New Jersey’s $1.3 billion record. These sportsbooks generated more than $63,209,984 in state tax revenue.
The state expects to generate $493 million in annual tax revenue by 2025. New York sportsbooks will be able to offer sports betting on desktop and mobile devices. The online sports betting market togel singapore is expected to be worth $1 billion a year.
New York sportsbooks broke New Jersey’s record for online betting revenue in January 2022. This is the second time in less than three months that sportsbooks have generated over a billion dollars in revenue.
The sports betting market in New York has been anticipated for years. The state’s sports fans will have to compete with rival fans in other cities. They will have to figure out where to find the best odds and betting value.
New York’s sports betting market is expected to increase in 2021 as more states legalize online betting. It has been projected that the New York state government will collect $518 million in tax revenue by 2027.