The state of New York is set to overtake Nevada as the largest sports betting market in the U.S., according to the new GamblingCompliance projections.

A five-year projection of the U.S. sports betting market shows that New York will generate $700 million in annual sports wagering revenues, smashing Nevada’s $248 million record.

Nevada’s annual sports wagering revenue is also likely to be overtaken by the states of New Jersey, Massachusetts and Pennsylvania by 2023, according to the gambling market analyst, which forecast New Jersey and Pennsylvania’s revenues to eaach reach $300 million. The report touted the U.S. Northeast region to become “the epicenter of sports betting expansion in the years.”

GamblingCompliance noted that it might take time for majority of the states to enter the sports betting market. Five years from now, the report said that only seven states may join Nevada in the sports betting business.