Sports betting in New York has reached a record high in revenue despite operator losses. This is due to the state’s new online sports betting laws, which were passed in 2019. The new laws have allowed for the expansion of sports betting in the state, and it is estimated that the industry will generate over $1 billion in revenue in 2021.

The new laws have allowed for the expansion of sports betting in New York, with the number of operators increasing from just two to nine. This has allowed for more competition in the market, which has resulted in higher revenues for the state. The new laws have also made it easier for people to place bets on their favorite teams and sports, as well as providing more options for bettors.

Despite the increase in revenue, operators have seen losses due to the high taxes imposed on sports betting. The taxes are set at 8.5% of gross gaming revenue, which is significantly higher than other states. This has led to some operators leaving the market, as they are unable to make a profit.

Despite the losses, the industry is still growing and is expected to continue to do so in the future. This is due to the fact that more people are becoming interested in sports betting and are willing to take risks to make a profit. With more people getting involved in sports betting, the industry is expected to continue to grow and generate more revenue for the state.

Overall, New York’s sports betting industry is growing and is expected to continue to do so in the future. The new laws have allowed for more competition in the market, which has resulted in higher revenues for the state. Despite operator losses due to high taxes, the industry is still growing and is expected to generate over $1 billion in revenue in 2021.