States such as New Jersey, Pennsylvania, and Indiana are reaping the benefits of regulated online sports betting. But in one of the most populous states in America, New York, wagering on
sports online is still not permitted.
Despite speculation and a widespread belief that online wagering will eventually be possible in the Empire State, it feels like Groundhog Day each time a potential time frame is discussed.
So instead of dwelling on when it will happen, what can New Yorkers expect when the green light
is finally given?
One certainty is the arrival of the best sports betting operators in the business. Many of the
world’s biggest online gambling companies already have collaborations in place with retail
casinos to offer online betting the very moment New York gets the go-ahead.
Among the big names ready to go live is the world’s largest online sports bookmaker, Bet365, and the two biggest sportsbook operators in the US currently, FanDuel and DraftKings.
Bet365 is legal in New York thanks to a 20-year agreement with Resorts World Catskills, while
DraftKings and FanDuel have secured their place in the market through similar deals with del Lago Resort Casino and Tioga Downs respectively.
Pointsbet and FOX Bet are two more names expected to launch in what is shaping up to be a
highly competitive market, even before legal approval has been given. Are we talking as
competitive as New Jersey though? Quite possibly. In fact, NY online sports betting could even
eclipse the success enjoyed by the state next door.
Projections about the potential of NY online sports betting stack up quite significantly when you consider the tourism and the population of New York.
It is estimated online sports wagering in New York could generate as much as $900 million in annual revenue, which will, in turn, earn the state around $108 billion in tax revenue.
And when you also think that a part of New Jersey’s successful sports betting market is based
on an influx of bettors from New York, who continue to cross the border in order to place a legal wager online, boosting New Jersey state coffers while doing so, it is easy to see how the tables could turn quite dramatically between New York and New Jersey.
Currently, New Jersey is the number one online sports betting market in America. However,
when NY online betting is permitted, it is highly probable New York will limit and even surpass
New Jersey’s betting market in one swoop. Question is, will it be worth the wait?