New York Now Top of Legal Sports Betting Wagering Market
The approach to online sports betting in the US has been relatively clunky, to say the least. If you had been interested in placing a legal sports bet in the United States a few short years ago, then your options would’ve been very limited from a geographical perspective. Only a few areas allowed such activity, much to the consternation of those who enjoy sports betting and the operators who run the market.
Little by little, the situation has evolved. As each state passed the relevant legislation, the size of the industry has grown. When New York legalized sports betting, primarily via mobile, the game changed. In many ways, the genie was then officially out of the bottle.
The size of the market in New York was always going to be huge, but the success of sports betting in the Empire State has proven hard to comprehend, with upwards of $5 billion being wagered by sports bettors over the course of a little over four months.
Now the search is on for New York residents to find the best NY sportsbook for their specific needs, and the growth of the industry is only going to increase as there are a number of changes likely to expand the offering to users.
Firstly, when sports betting was made legal in the state in January 2022, it was only with a view to covering a certain number of key sports, but there is a concerted push to open up other niches, key among them being horse racing.
Additionally, there are moves to expand the number of providers in New York, with only nine operators having been given a license thus far. Currently, these brands pay 51% tax on their revenue, and this is also likely to reduce in time, which will have a knock-on effect as well.
An interesting finding that has come out of researching the early habits of New York mobile sports bettors is that each uses an average of 3.3 apps each. This is something of a double-edged sword when it comes to the success of the market in the state.
Firstly it shows a great deal of interest, especially in the early months of legalization (which is to be expected), but it also suggests that brand loyalty is very thin. In New Jersey, the average number of apps used is 2.8, so quite a jump from their near neighbors.
It’s likely there are a number of reasons for this. Firstly, operators in the state are offering very tempting welcome bonuses and promotions, far beyond what is usually provided, and this is making users a little greedy in their intentions.
It may also be the case that people are signing up, collecting the welcome bonuses, and moving on to the new operator. Either they are doing this in search of the best provider in the state or just because they want to make the most of these offers before signing off entirely.
That same research states that 72% of those questioned said that DraftKings was their favorite regulated provider app. This suggests that the operator is the most popular in the state, and they are being pursued by the likes of FanDuel, BetMGM, and Caesars.
It also found that as much as 81% of those who had opened an account in New York had bet in another state prior to that, which indicates a market that is burgeoning.