New York Sports Betting Clears Expectations, Sets Records
New York sports betting is the new center of American entertainment.
The Big Apple only needed three weeks to set a month’s record for total betting handle after legalizing online betting on January 8th. Fast forward to the conclusion of the state’s first 30 days of operation and it has collected nearly $2 billion in wagers and pumped out $70 million in tax revenue. Sportsbooks claimed $138 million in total revenue.
“Over the past month, we’ve seen how mobile sports wagering can be an economic engine for New York, driving significant funding to our schools, youth sports, and so much more,” said NY Governor Kathy Hochul. “‘As this new industry continues to grow, New York will make sure we have the resources and guidelines in place to make it a success for all.”
The most incredible aspect of the state’s reported figures is that they do not include Super Bowl bets, of which there was an estimated record amount. These numbers will be released on Friday as a part of the Mobile Sports Wagering Reports sent to the state’s gaming commission.
Impact of New York Sports Betting
More than 1.76 million unique accounts accessed at least one of New York’s seven verified online sportsbooks since betting launched within state lines. These numbers surpassed previous records and also blew past what was thought to be possible in the marketplace.
New York is advantaged by its basic construction: a metropolitan area with nearly 8.5 million residents and a plethora of local professional sports teams was sure to succeed, but not necessarily to the degree that it has.
21 of the 50 states currently offer online betting in varying forms, some still requiring in-person registration; although the tidal wave of sports betting has been crashing over the nation for the past few years, New York’s unprecedented success could accelerate other states’ processes towards legalization.
States Looking to Follow New York
States that missed out on Super Bowl betting will be clamoring to pass the necessary measures to get online sports betting up and running by the time March Madness— an annual college basketball tournament with nearly 20 million average viewers— rolls around.
Arkansas is a great example of a state that, although unconfirmed, could be drawing inspiration from New York’s success; after a delay in January halted a motion towards legalizing online gambling, a state committee is set to hear and review the bill this Wednesday.
It seems that widespread sports gambling is becoming unavoidable as states continue to become a part of the future, ditching the previous standards for the new age of interactive entertainment.
Currently, the only major concerns revolve around whether or not high tax rates, such as the 51% in New York, will drive sportsbooks out of certain locations, but if the returns continue to boom as they have been, this problem will become nothing more than an afterthought.
Keep an eye on New York sports betting as the potential new driving force for online betting and a model that other states will base their new systems on.
