Record-breaking reports have already flooded the mainstream media in recent weeks following New York State’s legalization of online sports betting. Authorities voted to allow legal sports betting for all adults 21 and over on January 8th of this year.
Not all forms of online gambling have been legalized, however. Only remote online sports betting is currently deemed legal with online casinos and poker still sidelined in the new legislation.
According to the New York Post over $70 million in tax revenue was generated from over $2 billion made in wagers in the first 30 days of legal online sports betting in New York state alone.
In addition to these figures, over 80 million sports betting transactions have been listed in relation to the Super Bowl alone. According to a number of outlets New York has handled around 25 percent of all sports betting-related transactions in relation to the Super Bowl.
With a 51 percent tax rate on sports betting, the benefits of legalization and in relation to increasing sports betting revenue are plain for many to see.
Given such a huge boost in online betting traffic with many citizens surging towards online betting outlets, the big question is whether such a focus will shift towards New York becoming the new nationwide epicenter for sports betting activity.
However, concerns have rightly been raised. New York Attorney General Letitia James recently warned New Yorkers of deceptive online sports operators ahead of the Super Bowl.
One of the main drivers in the push for the legalization of sports betting online has been to help direct those interested in sports betting toward regulated and reputable operators. It appears to have achieved those ends if present figures are anything to go by.
Offering a select number of operators through a strict licensing system has been one of the key facets of the road towards legalized sports betting.
Education is also important. The role of expert betting affiliates who provide information and ranking factors surrounding a number of NY betting sites can help bring potential sports bettors to an informed decision.
So far regulation has been tight with just a handful of sports betting operators given the green light. The likes of FanDuel, Caesars Sportsbooks, DraftKings, and BetMGM have all been given the go-ahead.
The aforementioned “Big Four” are huge names nationwide and have been awarded a rollout of licenses in a number of US states. It comes as no surprise they are all looking to stake their claim in New York either.
However other big-time operators such as Bet365, Barstool Sportsbook, and FOX Bet who maintain a profile elsewhere in the US have been denied licensing in the latest November handout. This shows it’s no turkey shoot to get a New York license.
Interest in sports betting is likely to continue given the recent indicators. New York currently has the highest population of any US state which has legalized online sports betting in recent years.
At just over 19 million people, New York is currently the fourth most populous state in the union. Despite a mixed bag of results lately, New York has a strong sports culture and many teams with nationwide appeal. It should come as no surprise to see a shift in betting focus move towards the state in the coming months.
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