New York sports betting storms onto scene in 2022, leading US with $14.6B in wagers

New York sports betting storms onto scene in 2022, leading US with $14.6B in wagers

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LAS VEGAS (KLAS) — New York blasted onto the sports betting scene in 2022 with wagers totaling $14.6 billion in the first full year of action, according to industry publisher SportsBook Review.

A comparison of wager totals for the Top 10 states nationwide showed New York $5.8 billion higher than second-place New Jersey, which reported about $8.8 billion in wagers last year. Illinois ranked third at about $7.7 billion, and Nevada ranked fourth at about $6.9 billion.

The legalization of sports betting around the U.S. has brought billions into the economies of the states that led the charge. Nevada has had legal sports betting since 1931, but the U.S. market has expanded rapidly since the Supreme Court removed the federal ban in 2018. A look at the leading states since 2018 shows New Jersey first and Nevada second:

“Americans went from wagering $44 billion in 2021 to a whopping $74 billion in 2022 – an increase of 70%,” SportsBook Review said.

The four biggest operators in New York are FanDuel, DraftKings, Caesars and BetMGM, according to a report this week from The four combined for more than 93% of the market share.

The Super Bowl brings out betting interest every year as unusual parlay bets pop up. In Las Vegas, the NFL — once shy about any association with gambling — is front and center as parties bring fans together to watch the game in style.

“Nevada has had legal sports betting for decades and was the only state with legal sportsbooks until 2018. Nevada is one of the top destinations for sports betting and since 2018 has seen $27 billion be wagered,” SportsBook Review said, “with over $7.5 billion of that wagered this year.”

Official year-end betting totals are not publicly released by the Nevada Gaming Control Board this soon after Dec. 31, SportsBook Review did not specify how they got numbers from each state.

But this much seems clear: New York is in a position carry the title of biggest legal market for sports betting.

“It hasn’t taken long for New Yorkers to show their love of sports betting. With nine sportsbooks kicking off online betting in 2022, NY has seen its handle grow from $176 million in 2021 to a nation-leading $14 billion in 2022 – an increase of 8,000%,” the report said.

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