Online sports betting has been on the rise in recent years, and the latest report from the New York State Gaming Commission shows just how much money is being wagered online. According to the report, online sportsbooks in New York State garnered over $1.35 billion in wagers in May alone.
This is a significant increase from the previous month, where online sportsbooks brought in $1.2 billion in wagers. The report also shows that mobile betting accounted for 94% of the total handle, with only 6% coming from retail sportsbooks.
The increase in online sports betting can be attributed to several factors. One of the main reasons is the ongoing pandemic, which has forced many people to stay at home and look for ways to entertain themselves. With most sporting events being canceled or postponed, online sports betting has become a popular way for sports fans to stay engaged with their favorite teams and players.
Another factor contributing to the rise in online sports betting is the legalization of sports betting in several states across the country. New York State legalized sports betting in 2019, and since then, several other states have followed suit. This has created a more competitive market, with more options for consumers to choose from.
The report also shows that the most popular sport for online betting in May was basketball, followed by baseball and hockey. This is not surprising, as these sports were some of the few that were still being played during the pandemic.
Overall, the report highlights the growing popularity of online sports betting and the potential for significant revenue growth in this industry. As more states legalize sports betting and more people turn to online betting for entertainment, we can expect to see even more impressive numbers in the future.
