New York Sees Another Increase in Sports Betting
New York is now America’s largest sports betting market after recording a $16.2 billion betting handle in 2022. New York achieved this mark in the first year of legal mobile betting, smashing a record previously held by New Jersey.
To be fair, everyone expected NY to break betting records last year. However, no one expected New Yorkers to spend an average of $1 billion on sports bets every month.
In turn, New York generated $693 million in taxes from legal sportsbooks. This is a lot more money than any other state. And that’s not just because the industry performed well.
New York has the highest tax rate for sports gambling in the country—51% from every sportsbook. For comparison, states tax the industry 19% on average. So, why is Sports Betting Growing so fast in the Empire State?
Sports Betting is Now Legal
Before 2022, New Yorkers had three sports betting options. They were allowed to use land-based sportsbooks. Alternatively, they could drive to New Jersey or use foreign betting sites.
Now, bettors don’t need to leave their homes. They can bet on DraftKings Sportsbook NY or use any of the other alternatives recommended by atnewyork.com.
Having access to legal sportsbooks is a breath of fresh air for many New Yorkers. These websites are licensed and safe. You can trust them with your money. What’s more, they offer more competitive odds than offshore sportsbooks.
NY legalized nine sportsbooks last year, a better outcome than the one betting app proposed earlier by former governor, Andrew Cuomo. Competition improves betting services.
The nine sportsbooks are competing to control the state’s betting market share. And to do this, they must offer fast payouts, mobile support, great odds, and fair bonuses.
New Yorkers Love Sports
When you think about it, sports betting thrives where people love sports. New York is no exception. The Empire State is home to Major League heavyweights like the NY Yankees, Mets, Giants, Knicks, and Nets.
Then there are tennis clubs, golf courses, boxing rings, and eSports arenas. All these sports thrive in New York because millions of people love them.
And where there are sports fans, you can always find people willing to bet on legal sports betting. Additionally, New York is one of the most populated states in the country. With a population size of 20m, NY trails just California, Texas, and Florida.
Beyond population size, NY has a great per capita income of $43,000. A high annual salary means a decent amount of disposable income-the kind of extra income that encourages people to bet on sports.
Mobile Support
Sports betting was legal in NY before January 2022. Yet, millions of New Yorkers preferred not to bet over driving to a brick-and-mortar sportsbook. The explanation: people love convenience. Not everyone can drive to New Jersey to bet legally.
Mobile betting allows all adult New Yorkers to bet on their favorite sports. NY sportsbooks cover all the Major and Minor Leagues. That means you can wager on basketball, baseball, football, soccer, or hockey.
Or, you can bet on tennis, rugby, MMA, eSports, and other emerging sports. Of course, you can also bet on international soccer competitions. You can gamble on track and field competitions and college sports.
Free Bets and Bonuses
Every new customer qualifies for a free bet at leading betting sites in New York. All you need is to sign up for a free account and make your first deposit. Some betting sites match your deposit amount 100%.
Others give you a free bet before you even link your credit card. These bonuses aren’t exactly free money. Betting apps shower you with bonuses so that you can become a loyal customer.
To ensure you don’t win so much money from free bets, they have rules like wager terms, withdrawal limits, and odds you must follow. Wager requirements dictate the number of times you must play through a bonus.
Limits place a cap on the amount of money you can withdraw from a bonus with odds ensure you use bonuses to bet on risky matches. Once you complete all these terms, you’re then allowed to cash out your profits.
Major Sports Events
According to the New York Times, bettors in the Empire State were responsible for 25% of all bets made in Super Bowl LVI. One of the explanations is that sportsbooks gave out generous bonuses to bettors to attract their attention.
The marketing technique worked. Since then, bettors have been giving out bonuses during major sports events like March Madness, the Kentucky Derby, and the World Cup.
In turn, New Yorkers have been displaying an increased interest in betting every time there’s a major sports event. Football is the most wagered sport in the state. Basketball ranks second while baseball is ranked third.
Additionally, betting sites have made wagering lucrative by offering a wide range of bet types and competitive odds. Parlays seem to be incredibly popular with punters according to the NYT.
Nonetheless, you can bet on nearly every outcome in a match—moneyline, spreads, specials, props, or totals. The odds aren’t great at every sportsbook, though. It’s up to you to compare odds before you stake your money.
Payments and Policies
One of the reasons some New Yorkers hate offshore sportsbooks is that they make it difficult to deposit and withdraw money. Some of them work with Visa and MasterCard alone. Some people do not like to send money through these options.
Legal betting sites in New York support a wide range of payment options, from PayPal and Google Pay to bitcoin and e-checks. Most of these banking options allow you to deposit as little as $10 to as much as $10,000.
Deposits are instantaneous and free at nearly every betting site. However, you can expect low fees during withdrawals. Also, it may take up to three days to receive your money.
Exciting Features
Another reason betting is rising in NY is because betting sites are so exciting today. You can bet on live matches. What’s more, you can stream live football and basketball games through some betting apps.
On the other hand, you can enjoy features like partial cash outs, odd boosters, and live score alerts. These features improve both your betting and sports experience.