There are currently eight sports betting operators in the New York area, and plans to expand that to 16 have now been shelved. Plans to make such an expansion would have seen the tax rate paid by the brands that provide sportsbooks in New York fall from the current rate of 51% to 25%, which explains why the state’s governors were reticent to make the change.
The latest figures show that the interest and scope of sports betting in New York shows no sign of abating. Since the January launch, the numbers seen generated by sports betting have been astounding and far in excess of any other state in the country.
Sports betting fans in the Empire State have a choice of a number of regulated sportsbooks, and in a way, they are spoilt for choice, but it can be handy to use the services of comparison sites that help you locate the sportsbook that suits your needs and betting habits. This is where sports-betting-ny.com can be of great assistance and will be even more useful when the likely number of providers does, at some stage in the future, increase.
The most recent figures show that for the 14th week in a row, the amount wagered in the state, otherwise known as the handle, exceeded $300 million. This period also includes the timing of the college basketball’s March Madness season, but it’s worth remembering that in New York, it is still illegal to bet on the college game, and indeed the amount of sports that are covered by the legislation in operating in the state is far lower than most.
This shows just how much growth can be achieved if both the number of operators increases and if the size of the sports betting market is increased. As for the big players in the New York market, it’s very much a two-horse race at present.
FanDuel and DraftKings are the big winners, and they are fairly close in terms of the top spot, with the likes of Caesars and BetMGM filling out the top four.
There were actually nine licenses handed out to sportsbooks for New York, but currently, only eight are in operation, but it appears that Bally Bet, the ninth operator, is nearing a launch date.
They had planned on going live in April, but this has been pushed back as Bally’s Corp. CEO Lee Fenton explained;
“Customers will always have choices, and your first impression is more important than the timing of the launch,”
“We will launch when the product is right, and we’re willing to miss short-term gains to build long-term trust and value with our customers.”
As for the push to add new operators and new sports and events, Senator Joseph Addabbo believes some changes are closer than others;
“It was premature to look at additional skins or operators at this point. If you do so and it has a negative impact on educational funds or revenue, you don’t want to do that. So I think the most reasonable thing to do is evaluate it maybe six to eight months from now.”
On the matter of sports and events, he added;
“Let’s continue to discuss how to incorporate horse racing, NASCAR, and possibly the kiosks. We have until June. You never know,”
These potential changes are sure to result in a further uplift in the New York sports betting market.