Winners and Losers in First 2 Months of Mobile NY Sports Betting

Winners and Losers in First 2 Months of Mobile NY Sports Betting

By Lou Monaco

Fact Checked by Pat McLoone

Today marks the two-month anniversary of the historic launch of legalized mobile New York sports betting.

Ever since a stirring Jan. 8 debut, New York shot up to the forefront of the sports betting industry, establishing right from the get-go that mobile wagering was here to stay with imposing numbers.

Let’s take a look at some of the winners and losers in the Empire State:

Winners

Amazing Interest, Newfound Revenue: With so much back and forth just to get sports betting going in the state for the past few years, New York has started to reap some of the benefits.

In the state’s last weekly report, mobile sports wagering handle posted at $350.3 million (Feb. 21-27), marking the seventh consecutive week total handle has been more than $350 million. Overall mobile Gross Gaming Revenue (GGR) was at $25.34 million, the second straight week and third of the last four the total GGR was more than $25 million.

Since the last weekend of the NFL regular season, overall handle for all providers stands at $3.16 billion, with GGR at $204.69 million and taxes to the state at $104.39 million.

The Dynamic Duo: State Senator Joseph Addabbo, Jr. and State Assemblyman Gary Pretlow have stuck to their beliefs over the past couple of years and knew this could be a dream fulfilled. They never wavered and saw their dream become a reality Jan. 8.

With the foundation already set, now both legislators want to take it to the next level with an expansion of gaming, the possibility of even more providers and the work towards a decrease of the highest tax rate in the nation at 51%. (Of the nine operators initially approved by the New York State Gaming Commission, only BallyBet New York has yet to launch.)

Don’t bet against them.

Neighboring States Hanging in There: With the New York launch, many thought neighboring states that already had sports betting would be hurt drastically.

Far from it.

New Jersey, Pennsylvania and Connecticut not only have kept up with handle but have gained new customers and interest. This seems to help the industry move forward in an even more positive way.

Losers

Commercials, Commercials, Commercials: With the initial launch, heavy promotion for the original four mobile providers was to be expected. But now, with eight providers live and fully operational, the commercials and promotion continues ad nauseum over all platforms of traditional and social media.

It has to subside soon or other potential customers will be turned off.

Upstate Casinos: Once the only game in town, the four upstate commercial casinos were pretty much the only places to make a sports wager at their retail sportsbooks.

With mobile sports betting in place and with a possibility of three down state casinos to come into play soon, that has changed. Attendance and numbers have dwindled and could dwindle even more.

How will those retail sportsbooks and casinos rebound? Can they? We soon shall see.

Consistency and Good Products: With the NFL season ending, there is always a drop-off in consistent wagering among customers, no matter who the provider is. How do providers maintain interest and evolve their betting platforms to be better?

Technical issues are always a problem when a big event happens, and we have seen that among some of the providers during big events. Those glitches were resolved, of course, but another test will be over the next week as the NCAA Tournament begins in earnest on St. Patrick’s Day, March 17.

quote
WRITTEN BY
EmpireStakes.com
Lou Monaco
Lou Monaco had been East Coast Scene columnist for Gaming Today in Las Vegas since June 2019, covering the East Coast sportsbook scene with emphasis on NJ and PA. He also currently is a part-time writer for the high school sports department for NJ Advanced Media (NJ.com) in Iselin, NJ. Lou has over 30 years sports experience with previous stints at ESPN SportsTicker, Daily Racing Form and Oddschecker.
... Read More
Lou Monaco had been East Coast Scene columnist for Gaming Today in Las Vegas since June 2019, covering the East Coast sportsbook scene with emphasis on NJ and PA. He also currently is a part-time writer for the high school sports department for NJ Advanced Media (NJ.com) in Iselin, NJ. Lou has over 30 years sports experience with previous stints at ESPN SportsTicker, Daily Racing Form and Oddschecker.
... Read More