Online Sports Betting 2022 Debut in New York
Since in-person sports betting was legalized in 2019, the people of New York have been waiting for the follow-up. On January 8, 2022, the online wagering on sports in the state went officially live, opening the door for all the big US sportsbooks, including DraftKings, FanDuel, and Caesars. Until that day, residents of the state had the opportunity to use unlicensed and unregulated offshore betting sites, causing millions in economic losses each year.
After PASPA, the federal ban on sports wagering was revoked in 2018, New York patiently waited for local lawmakers to take the expected actions. About a year after that, in-person sports betting became legal, but the online industry required most debates and preparation. The debut was originally scheduled for the end of 2021 but was again postponed, fortunately by only a few weeks.
State’s Sports Betting Law & Regulations
When in-person sports betting was legalized in New York, the industry faced another issue. Most of the land-based retail shops are located outside the city, a few hours’ drive away. This might be a great option for the weekends, but not for the people willing to make just a few bets. Moreover, many punters prefer to place their wager privately instead of visiting crowded places. In light of that, New Jersey was the better option, with multiple sports betting apps available. Quickly after voting the 2019 law, it became clear that it will have a very limited impact, and a proper follow-up related to online sports betting must be shortly considered.
The case was closed in January 2022! New York residents and guests can now legally bet on sporting events online and via mobile devices. The regulations remain pretty much the same. Bettors must be at least 21 years old and have to verify their identity before being allowed to use any app. The sports wagering law is part of the New York budget bill, so there’s no need for separate bills. As expected, the largest US online bookmakers were prepared for the new reality and quickly went live in the state. In the next paragraph, we’ll meet you with some of them.
Best Online Sportsbooks in New York
On January 8 to 17th, five major US sportsbooks went online in New York. Several more joined in the following weeks. Here are some of the most reputable online brands providing premium-class online sports betting services in the state:
- FanDuel
- DraftKings
- Caesars
- BetMGM
- BetRivers
- Bally Bet
- Resorts WorldBET
- Wynn Bet
- PointsBet
Each of the sportsbooks came offering massive sets of sporting events and various promotions. Even if you have a previously opened account, you need to register again due to the specific regulations of each state. From a certain perspective, this is good news as you’ll be able to claim the available welcome bonuses. On the other hand, many bookies offer loyalty schemes and VIP programs. Undoubtedly, the newly signed members start from rock bottom. Anyway, New York is now a safe ground and will quickly become the largest US state in terms of revenues from online sports betting.
It’s difficult to say which bookmaker provides the best terms. They all boast an excellent reputation and are licensed in several other states. Most of them are connected to land-based establishments located in Las Vegas, Atlantic City, and Reno. They all provide access to dozens of sports, leagues, and tournaments, and hundreds of betting markets. The odds are competitive, but you may look for some boosters or enhanced coefficients. If you prefer to place your wagers on the go, check for downloadable native apps in Google Play and iTunes. Although brands like Caesars and BetMGM offer online casino games, they are inaccessible for the time being due to New York law restrictions.
The Result So Far
According to official statements from the New York State Gaming Commission, the online sports betting debut was impressive. Two weeks were enough for bookmakers to generate over $1.1 billion in handled wagers and more than $91 million in revenue. At the end of the first month, six bookmakers accumulated $113 million in revenue, which means taxes of over $57 million. The accepted bets reached and easily exceeded the monumental $2 billion!
As expected, the second full month (February) set a new record with $1.5 billion in handle ($350 million only for the last week). The total tax revenue was calculated at about $41 million. The total handled wagers exceeded $4.3 billion at the end of March, with FanDuel and Caesars holding the first two positions, with around $1.4 billion and $1.08 billion in handle, respectively. However, the lowest margins are with BetMGM and BetRivers, as they have withheld only 3.4% and 4.4%. Leaders have kept 6.2% and 8.5% of all bets in comparison.
What to Expect in Near Future
It is not difficult to predict what will happen from now on. The online sports betting industry will continue to grow in New York, just like in any other US state and country worldwide. The benefits in terms of taxes and regulation are unquestionable. Perhaps the next major target will be the complete legalization of online gambling complete legalization.