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Is Online Betting a Way to Fully Legalize iGaming in NY?

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New York State has emerged as a significant player in the sports betting industry, showcasing impressive revenue figures and setting records in the online sports wagering sector.

In May 2024, here are the most recent figures for online sports betting revenue in New York. How can the online sports betting sector sustain its growth leading up to the 2023-24 NFL and college football seasons? We will delve into this question and provide updates on the latest NY sports betting revenue data.

In just one month, New York’s online sports betting market became one of the largest in the United States. Towards the end of 2023, the sports betting handle in the state surpassed $16 billion. Following this, the activity has thrived and NY sports betting has achieved a handle of $25 billion at a faster pace than any other state in the country. Maybe, it’s because there’s no real online gambling alternative?

The upcoming football season could propel the industry to even greater heights. Our projection indicates that there is potential for a $2 billion month during the 2023-24 NFL season. This would be a groundbreaking milestone for the sports betting business of any individual state.

 

Revenue Growth and Statistics

  • In February 2024, New York’s online sports betting handle exceeded $1.77 billion, marking a substantial increase of 20.4% compared to the same month in 2023. Here, about 90% of income was generated from American Football.
  • Mobile sports wagering in New York generated a remarkable $862 million for the state in its second year of operation, with over $1.55 billion in tax revenue collected from bets.
  • The American Gaming Association reported that New York led the nation in sports betting revenue in 2023, reaching nearly $1.7 billion, surpassing other states like New Jersey.

The Top 5 Bet Types in American Football

Moneyline

Moneyline is considered the easiest way to venture into sports betting. The appealing aspect of moneyline betting lies in its simplicity and requires the least expertise to outsmart Vegas. Essentially, you place a bet on the team you predict will emerge victorious.

Nonetheless, the process is more complex than it seems due to heavily skewed odds, such as -210 for favorites, indicating a 210 wager or a 100 win.

While it is the most straightforward type of bet, it only yields substantial profits when wagering on an underdog or combining multiple strong favorites in a parlay. For novices, however, it represents the most uncomplicated approach to get started and try their luck.

Point Spread

Point spread betting adds a layer of complexity. It’s not just about predicting the winner anymore, such as predicting that the Patriots will beat the Dolphins.

These bets usually provide more favorable odds for the favorites than the moneyline (typically around -110), but now you also have to take into account the margin of victory. Knowing the importance of key numbers in football (such as 3, 7, 10) is vital.

For example, if the spread is -6.5, choosing the favorite means they have to win by at least a touchdown for you to win. However, if the line is -7.5 and the favorite wins by exactly a touchdown, then the underdog wins the bet.

Understanding key numbers might be straightforward, but it significantly contributes to maximizing your potential investment return.

Over/Under

Game total betting, also known as over/under, is an exciting way to place bets, as it involves rooting for or against the total points scored, irrespective of the winning team or the closeness of the game.

Nonetheless, it can be more challenging than anticipated. The inclination to wager on the over is widespread. As sports enthusiasts, we all enjoy high-scoring games. This is particularly evident with the rise of fantasy football in the NFL, which often leads to the assumption that high scores are easily attainable.

However, it is important to pause and consider various factors when betting on the over/under. One significant aspect is the public visibility of a team or player. Games featuring teams like the Packers tend to garner more attention than those involving the Jaguars.

Las Vegas takes the heightened interest in popular games into consideration when establishing the betting lines.

Therefore, while betting on the total score can be exhilarating, it is important to exercise caution and conduct comprehensive research on the offensive and defensive capabilities of the competing teams before placing your bet.

Teaser Bets

Teaser bets introduce a touch of complexity to the betting experience. While they may not boast attractive odds, they do enhance the likelihood of success in a parlay. The essence of teasing a line lies in the adjustment of the current line by either adding or subtracting points.

For instance, if you have faith in the Bills to give a tough match against the Texans but feel unsure about the +2.5 line, you can opt to tease the line to secure them at +8.5 by shifting the spread across two pivotal numbers.

The concept might seem too good to be real, doesn’t it? Indeed, that’s accurate! However, teasing a line does not provide advantageous odds, requiring you to engage in a parlay where a minimum of two bets are combined on a single ticket.

Despite this, the modification of the line can enhance your winning prospects with these revised figures compared to the initial offering from Vegas.

Industry Impact and Future Prospects

While online sports betting has been legalized and went live in 2022, online casino gambling and online poker are currently illegal in the Empire State. However, there have been attempts by lawmakers to expand iGaming and launch online casino gaming and poker. In light of the thriving sports betting industry in New York, the JackpotSound project serving as a Jackpot Sounds tracker anticipates the potential legalization of gambling in the state. Various bills have been proposed to legalize online gambling and online poker in New York.

This signifies an ongoing effort to expand the legality of online gambling in the state. For now, the only alternative is sweepstakes casinos. They provide a unique and legal alternative to traditional online casinos in the US, including in states like New York.

The project and its product manager, Vlad Lazurchenko, emphasize that they’re looking forward to evolving regulatory gambling in New York.

The success of mobile sports betting in New York has not only contributed significantly to tax revenue but has also been instrumental in creating job opportunities, supporting the education system, and addressing gambling-related issues.

The state’s strategic positioning as a sports hub has allowed it to capitalize on its sports-centric culture, attracting millions of sports betting accounts and transactions since the launch of online wagering.

New York’s sports betting revenue growth reflects a trend of increasing interest and engagement in sports wagering activities, positioning the state as a key player in the national sports betting landscape.

Could a New York State Tax Break Be Coming for Online Sports Betting?

State tax revenue exceeded the government’s expectations. While that’s good for the state, operators can’t keep offering bonuses and promotions at the level we’ve seen in other locations.

A prominent online sports betting provider in NY has recently removed its welcome promotion and bonus offers for residents in the Empire State. This is likely due to the high tax rate in place. Another major online betting platform will also be significantly scaling back its welcome bonus. Many operators aren’t expecting lots of short-term revenue due to the gigantic state tax rate.

American Football Betting and Its Impact on New York State

In American football, a multitude of sports bet types exist, offering enthusiasts a diverse range of wagering options to engage with the game. From point spreads and moneylines to over/under bets and prop bets, each type presents a unique opportunity for fans to participate in the excitement of the sport while potentially earning returns on their predictions.

The popularity of sports betting in American football not only enhances the fan experience but also serves as a significant revenue generator for states like New York. The taxation on sports betting activities contributes substantially to the state’s income, bolstering public funds and supporting various initiatives such as education, infrastructure, and social programs.

By embracing the diverse array of sports bet types in American football and leveraging the revenue potential they offer, New York State can continue to stimulate economic growth, foster innovation, and enhance the overall sports betting landscape for enthusiasts and stakeholders alike.

Conclusion

While legal online sports betting, fantasy sports, and horse race betting are well-established in New York, online casino gambling and online poker are currently illegal. However, there has been ongoing legislative effort to expand the legal landscape of online gambling in the state, with potential for further legalization and regulation of online casino gaming and poker. The New York State Gaming Commission plays a crucial role in regulating and overseeing the legality, fairness, and safety of all forms of gambling.

The sports betting landscape in New York has undergone a remarkable transformation, with the state emerging as a national leader in the industry. The diverse array of bet types available for American football, from moneylines and point spreads to over/unders and teasers, has captivated sports enthusiasts and fueled the exponential growth of the sector.

This thriving sports betting ecosystem has had a profound impact on New York State, generating substantial tax revenue that has been channeled into vital public services and initiatives. The state’s strategic positioning as a sports hub, coupled with its sports-centric culture, has enabled it to attract millions of sports betting accounts and transactions, solidifying its status as a key player in the national sports betting landscape.

References

  1. Governor Hochul Announces Mobile Sports Wagering Generated $862 Million for New York State in its Second Year of Operation
  2. The American Gaming Association

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