New York looks well on its way to become the new No. 1 in mobile sports betting. Bets from the state blasted off in the first two weekends they were available.
This could put New York in position to overtake its neighbor, New Jersey, for the top spot.
According to the Associated Press, Vancouver, Canada-based tech company GeoComply Solutions recorded 17.9 million transactions last weekend in New York. That’s up from 17.2 million the weekend before, when betting went live in the state.
The transaction numbers are related to sports betting activity from a specific location of a customer. Bettors are required to make bets within state lines where it is legal.
The company says 1.2 million new accounts were created in New York since mobile sports betting began on Jan. 8. Nearly 88% of those customers are new to legal sports betting, never having been verified before by GeoComply.
“The momentum of New York’s sports betting launch has continued and it is mostly home-grown,” GeoComply managing director of gaming Lindsay Slader told the AP. “The data tell us that New Yorkers are dumping illegal sportsbooks for the new legal options, and operators are also excelling at attracting first-time bettors.”
These numbers imply that the New Jersey market might be hurting as a result of New York surging. However, while the transactions show New York probably took more bets, they also indicate that New Jersey hasn’t lost any business to New York so far.
New Jersey averaged 12.6 million geolocation transactions in the two weekends before New York’s mobile launch, and 13.1 million in the two weekends since.
About 9.3% of bettors have accounts in both states, the company said.
“The growth in New York has been explosive,” said Rush Street Interactive CEO Richard Schwartz, whose company runs the BetRivers online sportsbook. “It is, by far, off to the fastest start of any of our sportsbook markets in terms of handle. Along with having the largest population of any state with legalized sports gambling, New York is one of the few U.S. states with multiple teams across all four major sports. It’s simply a recipe for long term success.”
Sports gambling company FanDuel is “very pleased” with how New York customers have embraced betting.
“While all markets are critical, it was especially important for FanDuel to do well within our home state,” said spokesman Kevin Hennessy.
While New Jersey is still thriving, it should be interesting to keep an eye on the market as more and more business pops up in New York. New Jersey casinos and sports books say at least 20% of their business has come from New Yorkers crossing over into New Jersey to make bets before New York opened up the market.
