Sports betting hasn’t been around long in New York, but it’s already gotten off to a flying start. In January 2022, figures from the state’s gaming commission revealed that New Yorkers had placed more than $1.6 billion of online sports bets.
The figure shows the state has an appetite as large as that of New Jersey for sports betting and gaming. When Garden State governor Phil Murphy laid down the first legal wagers in the state on sports games, he triggered around $2.4 billion of sports bets within the year that followed in New Jersey. If you’re into the New Jersey betting scene, you can find the latest NJ casino bonuses here.
States with massive sports betting growth potential
Both states have illustrated massive potential for sports betting to grow. Below is a quick look at just how much of an appetite each state has and where things could go:
New York
The figure recorded was for sports wagers in just five weeks. The betting generated $80 million in tax revenue, an amount that far exceeded original expectations. The Super Bowl also had a big hand in the explosion of sports betting following the introduction of gaming in the state: out of all the mobile bets on the Super Bowl in the US, a quarter of these came from New York.
Risk-free bets, free betting credits, oversized payoffs and more have all driven the activity. But the betting industry is displaying signs of further willingness to grow, as new gambling options could be on the horizon. The president of the New York Yankees, Randy Levine, is reported to have expressed support for a betting kiosk in the Yankee Stadium.
New Jersey
The fact that New Jersey, as well as Connecticut and Pennsylvania, had already legalized mobile sports betting, and New York could only look on enviously, has probably triggered such a large statistic from New York.
But New Jersey has made clear its own potential for growth. In September 2021, the state became the first to generate more than $1 billion in a single month. By doing so, New Jersey smashed its own previous record of the $996.3 million it had set in December 2020. Years ago, some were predicting New Jersey could even eclipse Nevada as the US’s top sports betting market.
One of the reasons for New Jersey’s success has been that it wasted no time when sports betting was legalized. The state was very quick to let operators offer mobile sports betting in the state, and it gave New Jersey a significant edge.
The influence of New York’s sports teams and more on sports betting in New York
New York is large and populous, which is one reason why sports betting has taken off so easily in the state.
Another reason, however, is that New York is packed with sports fans. It’s one of the only states in the US to have multiple teams across all four sports. The Knicks, the Nets, the Bills, the Islanders, the Liberty, the Rangers, Giants, the Jets, the Mets and the Yankees: all these teams have die-hard fans. They create the potential for billions of dollars’ worth of sports bets.
The success of sports betting in New York can be attributed completely to the state’s size or to its number of teams, however. In-person sports betting has been legal in New York since 2013, but the legalization of online sports betting has increased accessibility and made it possible for people to bet within the law. Now millions of New Yorkers who would have placed illegal bets can gamble legally and not feel the wrath of the law.
NJ or NY: which is best for gaming?
For years, New York refused to allow mobile betting in the state, as the former governor Andrew Cuomo is alleged to have believed legalizing mobile betting would have violated the state’s constitution. The figures from New York, however, in its first month of legalized online sports betting have shown that the state is now the US’s top market for sports betting.
Through the end of November 2021, the three horse racing tracks and nine casinos in New Jersey had taken almost $10 billion in wagers, including online ones. Experts have estimated that as much as 25 to 30% of the wagers placed in New Jersey are by New York residents. The state could lose a major chunk of those bets now that New Yorkers can stay at home and bet, but it’s not completely impossible that betting could again increase in New Jersey.
New York has created waves in the industry with the sports betting figures announced. Mobile sports betting has been huge for the state. It looks as if sports betting will be well and truly here to stay in New York. Not only that, but it’s likely to get bigger, which sports betting fans will love, of course.
