Legal sports betting in New York: What does this mean for the future of sports betting in the state?
Betting on sports is something that has been popular around the world for a long time. This has seen sports betting turn into a huge industry. Whether it is soccer, football, baseball or horse racing, being able to wager on the outcome of sporting events is just so much fun.
In the USA, being able to legally bet on sports was not something available to everyone until recent times. Although specific things like betting in person at racetracks could be done, many people still had no access to legal betting on certain sports, and online sports betting was not allowed. The 2018 ruling by the U.S. Supreme Court changed all this, though, and enabled individual states to legalize the full range of sports betting in their borders, should they wish to.
A number of U.S. states chose to do so and made betting on sports legal. To the surprise of many, though, New York was not one of these. When you consider that options such as daily fantasy sports, a state-wide lottery and betting on sports in person at specific sites were legal in New York, this seemed odd. Recent events, however, have seen New York's sports betting landscape change for the better in many people’s eyes.
What is the current state of play for NY sports betting?
All forms of sports betting have now been made fully legal in New York. This will be a great relief to those who were pushing hard for this to happen. Not only will it bring New York into line with neighbors like New Jersey but it will also bring extra tax revenue into state coffers from online sports betting companies. It will also make New York State an even more attractive place to visit for holiday visitors, who might want to bet on sports online while away.
In simple terms, recent changes center around mobile and online sports betting being made available. This is great news for those in New York who may want to place bets via internet sportsbooks or mobile apps in future. Whether you keep up with the latest soccer tips and bets or wager on other sports, fully legal sports betting in the state is a real bonus.
After considerable pressure on officials to take action, April 2021 saw approval for legislation on mobile betting being approved. Online retail sportsbooks were also officially approved for use when then-Governor Cuomo signed this act off in 2021. This in turn led the way for both online sports betting and mobile sports betting to be allowed across New York.
On Nov. 8, 2021, a list of nine approved online sports betting operators was announced by the New York State Gaming Commission. This list included big brands such as BetMGM and BetRivers. Online sports betting in New York launched about a week ago.
What is the future for sports betting in NY state?
If you look at what has happened in other states that have legalized sports betting, the future would appear to be bright. New Jersey's monthly tax revenue from sports betting, for example, shows it made over $10m alone in October 2021! For larger New York, Already, projections of $500m in annual tax revenue for state coffers are being discussed.
One major factor which could really push the nascent sports betting scene on in NY is that sports are huge within the state. People just love following pro teams like the Giants, Jets, Yankees, Mets, Knicks, Nets, Rangers, Islanders, Red Bulls and NYC FC. This means there should be a readymade market for sports betting and lots of people eager to bet online or via mobile.
The future for sports betting in New York could also simply mean more major betting brands compete for a piece of the action. As noted above, there are nine approved online operators so far for bettors in NY to choose from – but this could easily grow as the years roll by. The net effect of this would be a booming sports betting sector that would get stronger year on year.
Legal sports betting in NY
The headline-grabbing news is that 2022 will see New Yorkers able to legally use online sportsbooks or bet on sports via their mobile devices. Although a 51% rate of tax on sportsbooks could put some off from operating in the state, many believe this will not be an issue.