What We Learned In The First Week Of NY Online Sports Betting
The launch of New York online sports betting is the milestone the industry has been anticipating for a long time. After an explosive opening weekend, bettors and sportsbooks alike have barely had time to catch their breaths. With the NFL playoffs beginning this weekend, the timing of the NY launch could not have been much better.
With four of the eventual nine sports betting operators taking action, the data from the first weekend has been published. To say the numbers are impressive would be a massive understatement.
Massive NY Betting Numbers
Caesars Sportsbook, DraftKings, FanDuel, and BetRivers were all up and running on opening day. BetRivers alone reported taking in $970,381 in bets on Day 1. They are arguably the smallest of the four and that’s for just 15 hours of action.
GeoComply, a software company that tracks bettor locations, reported that 17 million “check-ins” came from NY IP addresses within the first 36 hours. Of that number, 15.8 million of the check-ins occurred within the first 12 hours. This smashes the previous state record held by Pennsylvania (2.3 million for the state’s first 12 hours).
Based on these numbers, gambling industry expert Ryan Butler indicated this could lead to 10 million actual account logins and 10 million bets over the first weekend of betting action in New York. If the average wager was a mere $20 per bet, the sports betting handle over the opening weekend could come in at close to $200 million. If that turns out to be even close to accurate, the sports betting industry is in giddy new territory.
Bad News For NJ Sports Betting?
There was little doubt New York sports fans would be enthusiastic to bet. They have been waiting for this opportunity for quite some time. While retail sports betting has been available in upstate NY for over two years, the inconvenience factor has led to dismal numbers. Instead of taking the drive to upstate NY, New Yorkers have been driving to New Jersey and using NJ sports betting apps to bet. Those day trips are now a thing of the past with the NY launch.
There is also little doubt New York’s monthly sports betting handle will end up exceeding $1 billion a month. With the NFL playoffs underway and the Super Bowl coming in February, these first two months could be record setters for sports betting states across the nation. That won’t come as a big surprise to anyone who understands how much New Yorkers love their sports teams and love wagering on sports, legal or otherwise.
In the coming weeks, other approved sports betting operators will be launching their apps. That list includes BetMGM, PointsBet, Bally’s Interactive, and Wynn Bet.
NY Betting Tax
As part of the mobile sports betting legislation, operators must pay the state of NY 51% of its sports betting gross revenue. If you assume a monthly handle of $1 billion and the operators hold 7% as revenue, New York would get $35,700,000. That’s quite a monthly haul for a state looking to pad it’s annual budget.
As mentioned, the initial numbers indicate that New York could very soon overtake New Jersey and Nevada as the top mobile sports betting state in the country. In some ways the real test will come when the newness wears off. By April, the NFL Playoffs, Super Bowl and March Madness will all be over. At that point bettors will be left to focus on the NBA, MLB, and the NHL.
What kind of numbers can be sustained during the quieter periods of the sporting calendar?
How To Bet In NY
If a New York sports bettor wants to place their wagers online through a mobile app, the process is simple. First step is to register with one of the aforementioned NY mobile apps. Good news awaits; each operator is aggressively offering a welcome bonus as a means of competing for business. After that is a simple process of depositing funds and the bettor is ready to go.
All aspiring online New York sports bettors must be at least 21 years old. Also, the bettor must be physically within New York’s borders or another legal state to place bets. However, the initial sign-up and depositing is not geo-restricted and can take place from anywhere. That means even visitors to New York can download an app and prepare for sports betting action in advance of their trip.
Yes, you can add another potential New York tourist attraction to the list.