As New York Legalizes Sports Betting Insiders Wager On Deluge Of Betting
New York became the 18th state to legalize online sports betting, but it’s a whale of a player because of its 20 million-plus residents, making industry insiders believe the Empire State will set a new record for the highest amount of sports wagering in the first two months of business.
The state’s gaming commission gave four companies Caesars Sportsbook, DraftKings, FanDuel and Rush Street Interactive the OK to start accepting bets from smartphone apps on January 8, with more companies expected to get a green light before Super Bowl TKVII bets kicks off February 13. It will take several weeks before New York reports its handles for January and February, but those closely following the sports gambling industry believe the figures will surpass the current record of $777 million held by Arizona.
“I suspect that New York will surpass all states in their debuts,” Andrew Sneyd, FanDuel’s senior vice president of brand marketing, told CBS MoneyWatch. “It’ll be a very successful first couple of months for New York.”
In sports betting, a “handle” refers to the total amount of money wagered by bettors.
Arizona opened its legal sports betting activity last fall. In September and October, the most recent data available, the state reported a combined $777 million handle, setting the U.S. record, the Arizona Republic reported.
What Sports Will Be Favorites Of New York Sports Bettors
New York is one of very few markets big enough to support multiple professional franchises and it does so in all the major professional leagues. New York sports bettors looking to wager on their favorite teams have the following options:
NFL â New York Giants New York Jets Buffalo Bills
MLB â New York Yankees New York Mets
NBA â New York Knicks Brooklyn Nets
NHL â New York Rangers New York Islanders Buffalo Sabres
MLS â New York Red Bulls New York City FC
WNBA â New York Liberty
The New York college sports betting scene is even more varied with NCAA football and NCAA basketball extremely busy with action across numerous conferences.
| School |
How Were The New York Sportsbooks Chosen
After online sports betting was approved in April 2021, an extensive selection process ensued over the course of the following six months. Sportsbooks had to meet various standards and agree to be taxed at a certain rate.
The state then chose to grant online sports betting licenses to each sportsbook you see on this list.
Read Also: How Much Is Registration In Ny
Betmgm Vs Other Sportsbooks
While sign-up offers, promos, and user experience are crucial factors in selecting a sportsbook, the most sophisticated bettors are often worried about the price. We can compare books in this regard a couple of ways:
- Juice: The “vig” is also referred to as the “vig,” this is the tax a sportsbook charges for a bet. The standard odds for a spread bet is -110, which means you have to pay $110 to win $10. That extra $10 is the tax.
- Hold: Like the juice, a hold is defined as the percentage of a sportsbook for every dollar wagered. It’s a better metric to measure for moneylines, for example.
Most online U.S. books in states where betting is entirely online and not regulated by the state lottery have standard juice on your typical bets. Take, for example, the juice on spread bets for the NFL. There’s no major difference between sportsbooks: It is common to get -110 on both sides for both the spread and the over/under.
Fanduel Sportsbook New York
The other leading force we expect to make their mark in NY online sports betting is FanDuel. The company is headquartered in New York City and FanDuel Sportsbook is widely regarded as one of the best platforms available to sports bettors. Their betting site and mobile app are universally appreciated.
The moment you’ve all been waiting for is ALMOST here!
Tap the card below to stay up to date with all of the latest news and updates
FanDuel Sportsbook
Fans in New York can already wager with FanDuel in-person at their retail sportsbook, located at the Tioga Downs Casino Resort in Nichols, NY. Still, the convenience of betting online or with a mobile device is unmatched, and there are few sportsbooks that do it better than FanDuel. Expect FanDuel Sportsbook NY to make their presence known when online sports betting gets underway in the state.
Recommended Reading: New York State Public Arrest Records
Projected Ny Online Sports Betting Revenue
State Budget Director Robert Mujica stated that the plan is estimated to bring in $500 million annually once fully operational.
New Yorks online sports betting market is currently projected to reach $1 billion in annual revenue, according to Macquarie. Furthermore, the state projects a mind-boggling $493 million reached in annual tax revenue by the beginning of 2025.
New York Sports Betting History
Back in 2013, New York opened up to the idea of introducing gambling to the Empire state, as they legalized commercial casinos across the state, with this allowing tribal casinos to allow sports betting in select venues, with the first sportsbooks then opening in 2019.
Sports betting was originally only allowed in four casinos across the whole of New York state, with as many as seven currently available for residents to gamble in, whether that be sports or casino games.
They currently do not offer online sports betting of any kind as it is not legal in the state, however this looks set to change in the near future as the empire state opens up to the idea of NY sports betting as a whole.
A recent bill has been approved by New Yorks former governor Andrew Cuomo, something which will lead to online sports betting being introduced to the state in the coming months.
Given this, expect a lot more sportsbooks to become available in New York in the not-too-distant future, as the likes of BetMGM and Caesars look to open their doors to all empire state residents once allowed to do so.
You May Like: New Yorker Magazine Poetry Submissions
Is Betting On Fantasy Sports Legal In New York
The answer to that question is a little complicated. New York has had a lot of issues with fantasy sports.
Legislation to formally legalize fantasy sports in New York was first signed into effect in 2016. Since then both DraftKings and FanDuel have both been offering sports fans in the Empire State the chance to bet on fantasy sports. In October 2018, a New York Supreme Court judge ruled that the law violated the state constitution.
Since the ruling, it appears that the New York State Gaming Commission is no longer overseeing Fantasy Sports in the state. However, both DraftKings and FanDuel have confirmed that they will continue to operate in the state. To complicate things even further both companies offer sportsbooks in New Jersey, where sports betting is newly legal, and have deals in place for the same in New York once sports betting is finally legalized there too.
So while the legalities are getting a little murky, you can still bet on fantasy sports in New York at the moment.
Casino Gambling In New York
Casino gambling is very popular in New York state. A combination of racinos, tribal casinos, and privately-owned facilities exists in the Empire State.
Today, there are more than 20 land-based casinos in the state. Downstate New York areas are also developing more physical casinos in the state. Currently, the largest in-person casino in NY is Resorts World Casino New York City. This establishment has 175,000 square feet of gaming floor space. In addition, it has nearly 5000 gaming machines and around 500 tables.
Each of the state racetracks has been given the chance to add slots to their properties too. This has helped the tracks operate and generate revenue.
Don’t Miss: What Do You Need To Register A Car In Ny
New York Gambling History A Timeline
- 1833 New Yorkbans lotteries under the New York state constitution.
- 1894 Aqueduct Racetrack opens.
- 1905 Belmont Park racetrack opens.
- April 1993 New York signs its first tribal-state gaming compact with the Oneida Indian Nation. Later gaming compacts would be signed between the state and the St. Regis Mohawk Tribe in Oct. 1993, and between the state and the Seneca Nation of Indians in Aug. 2002.
- May 2018 The U.S. Supreme Court allows states to legalize sports betting by striking down the PASPA, the federal law had prohibited states outside of Nevada from legalizing sports betting for more than two decades.
- Jan 2021 Gov. Andrew Cuomo for the first time announceshis support for New York mobile sports betting legalization.
Ongoing Promo Offers At Betmgm
In addition to its onboarding offers, BetMGM Sportsbook also continuously provides its longer-term bettors’ value with promotions. When we checked, there were 12 new and ongoing promotions available. Here are details on a few of our favorites.
Money Monday Club: $10 in Free Bets Every Monday
, hit the weekly minimums, and get free bets with “Money Monday.”
When the Money Monday promo happens:
- Weekly on Monday
- Week defined as 12:01 a.m. Monday morning to Sunday 11:59 p.m. EST.
Key Money Monday Club requirements:
- Opt-in to the club via the promotions page or your player inbox once
- Must place $50 in money bets the week prior
- Minimum odds for each qualifying bet are -300 odds or greater
- The outcome of the bets doesn’t matter they count win or not
BetMGM Refer-a-Friend Bonus
Beyond a generous welcome bonus, BetMGM also has ongoing and longer-term promotions to get you betting with friends. You can receive $50 for every friend that you refer that signs up for BetMGM using your specific referral code and makes an initial deposit. Even better, the friend you referred will also get $50 once they’ve completed the registration and deposit process.
Don’t Miss: Medicaid Qualifications Ny
How Is This Legal
New Yorks state constitution actually has a gambling ban, though you may not know it because of how much, well, gambling happens in the state.
Thats because the ban has a few major exemptions for the state lottery, for horse racing and, crucially, for up to seven private casinos across the state.
You may notice: Those exemptions do not explicitly allow mobile sports wagering. Thats where lawmakers and then-Governor Cuomo got a bit creative.
The computer servers for the various mobile betting platforms will be placed at one of the states private casinos, of which four are up and running. So with the mobile bets being routed through the casinos, lawmakers and Cuomo made the case that mobile betting is allowed under the constitution.
They even wrote it into the laws legislative intent section.
It is the sense of the legislature that this provision is not contravened by a statute that authorizes the acceptance of a wager by an individual who is betting by virtual or electronic means and the wager is accepted through equipment located within a licensed gaming facility, the law reads.
Del Lago Resort & Casino
The DraftKings Sportsbook retail location at Del Lago Resort Casino is located in Waterloo, which is about five hours away from New York City. The 6,000-square-foot facility, which opened in August 2019, is located on the casino floor and has 23 betting kiosks, four betting windows, a full food menu and more.Hours: Tuesdays-Wednesdays 8 a.m.-noon Thursdays-Mondays 8 a.m.-2 a.m.
You May Like: Submit Poetry To New Yorker
How Different Is One Ny Sportsbook App From The Next
Its difficult to find major differences between sportsbooks. The odds and sports offerings are rarely drastically different from one platform to another, and the same types of bets are typically available everywhere. Sometimes, however, the smaller differences stand out based on what a customer is looking for. Here is a look at some of them.
The Top 9 New York Sports Betting Sites
All in all it seems that 9 sportsbooks will be entering the mobile sports betting market of New York. After the long bidding process started by Governor Cuomo, the New York State Gaming Commission has selected two winning bids led by FanDuel and Kambi. You can find a list of all New York sportsbook sites and mobile apps down below.
Don’t Miss: How Much Are Tolls From Virginia To New York
Retail Sports Betting Vs Mobile Sports Betting
For most people, sports betting is a fun leisure activity that adds a little extra spice to the experience of watching their favorite sports or teams.
That sense of excitement is there if you have to attend a retail sportsbook in person to place your wager.
However, it is hard to deny that the growth in popularity of mobile betting in recent years has added considerably to the ease and convenience of placing a wager.
Rather than having to leave your home, you can now enjoy sports betting without leaving your armchair. Sports betting apps are so sophisticated, with such a keen focus on streamlining the customer experience, that it is hard to imagine how much easier it could be to place a wager.
As newcomers to online sports betting, New York fans will almost certainly soon be able to enjoy that convenience legally for the first time.
It is also easy to access bonuses and promotions when sports betting on your mobile device. And the ease of betting means you can place a wager more quickly, which makes betting on live events a more attractive proposition.
Mobile betting is an enhanced wagering experience delivered to your personal mobile device – no wonder there is great anticipation over the imminent launch of mobile sportsbooks in New York.
New York Retail Sportsbook Locations
Heres a list of current retail sportsbook venues throughout the state of New York. There is a chance that sports betting kiosks could be available at stadiums, arenas, horse racing tracks, and off-track betting facilities. New York Senator Joe Addabbo is behind the push to give New York residents further options to bet alongside retail sportsbooks and mobile apps. This move could also bring sports betting to commercial casinos located in the downstate New York area.
| Sportsbook |
|---|
| $15,987,719 |
|---|
Recommended Reading: How Much In Tolls From Ny To Florida
Sports Betting In Ny Faq
Yes. In January 2019, New York State legalized sports betting, and the first retail locations opened in October 2019. The state also legalized online sports betting, but online sportsbooks are not expected to launch until early 2022, hopefully in time for Super Bowl LVI.
21. New York allows younger gamblers to play the lottery and bingo, but online sportsbooks are limited to people who can also gamble at retail sportsbooks. Retail sportsbooks inside casinos have liquor licenses. New York didnt want to send anyone under 21 to casinos en masse to place sports wagers, so mobile sports betting is only available to older bettors.
The New York State Gaming Commission. It sets industry rules and vets sportsbook license applicants. Once mobile sportsbooks officially launch in New York, it will mean the NYSGC gave them the go-ahead. Its also why bettors can trust that their sportsbook apps are safe and secure.
According to former Gov. Andrew Cuomo, the online sports betting market is expected to bring an estimated $500 million in annual revenue.
Yes. iOS apps can always be found on the Apple App Store. Use our links to take advantage of great welcome offers at various sportsbooks. Our reviews provide many details on what these platforms offer, including odds competition and deposit methods.
Yes. But not if any of the competitors are under the age of 18, which may be why you rarely find esport contests listed at American sportsbooks.
About the Author
Popular Sports And Bet Types
Few states in the country boast as historic and valuable professional sports franchises as New York. Whats more, each of the four major professional sports leagues have headquarters in the state. Bettors in New York have full access to legal sports betting on the likes of the NFL, NBA, MLB and NHL.
So fans of the New York Knicks and New York Rangers, or the Brooklyn Nets and New York Islanders, or the Buffalo Bills and Buffalo Sabres can get skin in on the games.
But what kind of bets are available for New Yorkers?
Recommended Reading: Registering A Vehicle In Ny
Draftkings Sportsbook New York
While online wagering isnt currently available in New York, the launch of NY mobile betting would create one of the hottest markets in the nation, and DraftKings would undoubtedly dominate. New York sports bettors can wager in-person with DraftKings Sportsbook NY at their Del Lago Resort & Casino retail location in Waterloo, NY, and theyre poised to lead online sports betting in the Empire State.
DraftKings’ statement on New York mobile sports betting and being selected as a sports betting operator
DraftKings News
The overall experience betting with DraftKings Sportsbook is unmatched, and with one of the richest sports scenes anywhere in the world, online betting with DraftKings could take New York by storm. Were watching the developments closely, and youll be the first to know when DraftKings goes online in NY.
How To Install Online Sports Betting Apps On An Apple Ios Device
Finding and registering for a sportsbook app on an iOS device is easy. Heres a quick list for bettors who need to find a sportsbook, register for an account, and start betting.
Read Also: Erase New York