Recently, The Future of Sports Wagering in New York webinar’s participants released their consensus. Its pretty simple- they recommend the state to do something about sports betting. The webinar discussed the history of gambling in New York. After which, they moved on to discuss current efforts for New York sports betting this 2021.
Getting to open a sportsbook is quite common. After all, there are 25 states in the US that allow sports betting, with more than 10 states with legislation that aims to legalize sports betting. New York has been changing its tune on the subject for far too long. And the longer they take to launch an online betting market in the state, the more money they lose to neighboring states. If we recall correctly, a previous study contracted by the New York State Gaming Commission anticipates up to a billion in annual gross gaming revenue.
The Future of New York Sports Betting
Everyone in the industry knows that to be an online bookie is the best direction in pursuing a successful sports betting business. Which is why states are allowing online sportsbooks. Certain states do not offer online wagering, however. And by looking at the numbers among states, you will easily see which ones don’t. Clue: the numbers are low. Its exactly the same as what is happening in New York now. Currently, a New York resident will need to go to one of the casinos upstate to place bets. They do offer online wagering, but only if you are within the premises of the casino. Which, obviously, defeats the purpose of offering accessible online sports betting.
Many sports betting solution providers are helping bookies around the world create their very own online sportsbooks, which are very popular with the betting public now. With everything accessible even with just a smartphone, it becomes very easy to place bets. But in places like New York, where details on online sports betting in legislation is vague, we do not know what to expect. Governor Cuomo wants the state to solely run online wagering, but the state Tribal casinos may not accept this. In addition, a severely limited market with just a few players also does not encourage growth and good competition, which is hardly successful.