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New York Sports Betting Legalization
Online betting has become an integral part of American sports. In fact, in the most recent Super Bowl, 23.2 million people are predicted to place wagers worth $4.3 billion. Seventy-six percent of these people plan to bet online. The U.S. sports betting market will hit $1 billion in 2020, and it is expected to grow sixfold by 2023. The revenue from legalized sports betting is estimated to reach $19 billion a year by 2023. The legalization of sports betting is creating multibillion-dollar marketing niches for sportsbooks and other tech companies.
New York sports betting has enjoyed a great start, bringing in $3.57 million in gross revenue through January. The state’s Governor has embraced online sports betting, but has also endorsed a single-source model run by the state lottery, which has come under fire in Washington D.C. and is feared to lead to higher prices for consumers. In the end, the state has decided to support online sports betting, but the outcome will depend on the legality of the new system.
Despite these challenges, online sports betting has received widespread support. In Maine, Gov. Janet Mills vetoed a bill to legalize online sports betting, saying that residents in the state did not want expanded gambling. The proposal also did not provide enough protections for problem gamblers. But, sports betting proponents plan to work with her in 2021 and hope that it will become law in January 2022. Massachusetts Governor Charlie Baker and members of the Democratic-controlled General Court are supportive of sports betting.
With the US Supreme Court ruling, the sports betting industry is set for a boom. In the past, the only way New Yorkers could legally participate in sports betting was to visit casinos in New Jersey. But now, with online sports betting, the state will have an opportunity to take advantage of this opportunity. Currently, the state’s casino industry is limited to a handful of operators, which will hurt consumers’ experience. In addition, New York’s “Vegas East” has become a rival of New Jersey, with many tourists and residents traveling across the state border to gamble. In fact, a recent study found that the state has lost more than $200 million in revenue to the casinos in New Jersey.
In New York, sports betting has been a huge success, with the state’s sportsbooks making $3.57 million in gross revenue through January. While many other states are hesitant to approve sports betting, the governor has endorsed the single-source model that is run by the state lottery. Known as “Vegas East,” this model has led to increased competition in the casino market in New Jersey, which is bad news for the state.
In the state of New York, sports betting has grown tremendously and has reached a new high in 2018. Several of the state’s casinos now offer mobile betting as well as online sports gambling. The state’s gaming commission also endorsed a single-source model that is run by the state lottery. The single-source model has been widely criticized in Washington, D.C., as it can lead to higher prices for consumers.