New York Sports Betting Review

Sports Betting Review

During Super Bowl 56, New Yorkers jumped into the online sports gambling world and bet on games. In a short period of time, the state broke its own record with $267 million in sports betting revenue since the legalization of sports betting in January 2022. While the sports betting market is still in the early stages, many are excited to see what the future holds.

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Governor Andrew Cuomo made it clear in January 2021 that he would support legal online sports betting in the state. This would allow for a shift of the sports betting market from the single-source model that the state’s lottery was running, to a more sustainable model. It’s believed that the single-source model could lead to worse pricing for consumers.

New York sports bettors have been awaiting legalized sports betting in the state for years. The Supreme Court struck down the federal ban on sports wagering outside of Nevada in 1992. Several Indian casinos were licensed by the state’s legislature after 9/11, and several Video Lottery Terminals at racetracks were converted to racinos. The Supreme Court’s ruling opened the door for online sports betting, which would allow New Yorkers to bet on sporting events from the comfort of their homes.

New York Sports Betting Review

On November 8, 2021, the New York Gaming Commission issued operator licenses to nine different online sportsbooks. These included most of the major players in the industry. This meant that New Yorkers will be able to bet on sports from the nine sportsbooks when they go live in December 2022.

The New York sports betting market is expected to reach $1 billion in annual revenue by 2022, and sports betting revenue will continue to increase once the state goes live with online betting in 2021. The state’s executive budget projects $493 million in annual tax revenue by 2025, and the state expects to generate $249 million in 2022. By 2027, the state’s tax revenue could reach $518 million.

While the sports betting market is still in the beginning stages, New Yorkers should expect a lot of excitement. The state will be the first in the country to offer legal mobile sports betting, and many local officials are working on adding betting kiosks to professional sports venues. In addition, New York sportsbooks have already shattered many handle records.

The legalized sports betting market in New York will include nine online sportsbooks, and the state will have access to 16 active sportsbooks by 2024. This expansion is part of the Upstate New York Economic Development Gaming Act that was passed by the state legislature. The new law will also allow voters to approve full casinos in the area.

New York’s sports betting industry is expected to break its own record with over $1.68 billion in wagers during its first weekend of online betting. New York’s sportsbooks took in bets from over 650,000 accounts, and earned a total of $63,209,984 in state tax revenue. The New York Gaming Commission reports that it received a large share of that revenue, which will be distributed among the nine sportsbooks.

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