Whether it a TV commercial featuring the Manning football family pushing CAESAR’S SPORTSBOOK, or the enticement of free money to start betting, New York State online sport betting has really taken off.
With lines promoting a $5 bet leading to an easy win of $280 and free money, the seven online ‘sportsbooks’: Draft Kings, Caesars, Fanduel, BetMGM, Pointsbet, BetRivers and Wynn Bet with two more waiting approval, have taken off since becoming legal in New York State on January 8th.
“Easy to use”, “Quick payouts”, bonuses and promotions –the journey to legal sports betting in New York actually began in 2013, when lawmakers approved regulated betting at the state’s commercial and tribal casinos. Of course, the New York government also saw a shinning coin in the rainbow of state-sanctioned online gambling in another tax collecting scheme that will add billions to the state coffers.
Arizona collected just $4.2 million in tax over the first three months of sports betting on $1.24 billion in handle.
That is “far below the high expectations set by Gov. Doug Ducey and other proponents of the new gambling law,” according to one Arizona news outlet. More states are jumping on the bandwagon, mimicking the New York State model.
Signing up is easy through the internet with potential users supplying a name, address, e-mail, date of birth and the last four digits of your social security number. Of course, you must be at least 18 years-old to play. Users should be aware of the fine print in online gambling.
Some things to keep in mind with bonuses, according to Mike Mazzeo, of PlayNY.com: First, NY online sportsbooks may not always pay out winnings in cash. In some cases, betting apps may reward users with free bets or other site credits. Once bettors use those credits, and if they win, then customers can withdraw their winnings.
In addition, some sports betting bonuses carry playthrough requirements. What does that mean? Well, for example, sportsbooks may require a 10x playthrough on a $100 free bet. Essentially, bettors must wager $1,000 to convert that bonus into withdrawable cash. With all bonuses, users should be sure to read the fine print of whichever promotions and offers interest them the most.
Mazzeo wrote: “Few states in the country boast as historic and valuable professional sports franchises as New York. What’s more, each of the four major professional sports leagues have headquarters in the state. Bettors in New York have full access to legal sports betting on the likes of the NFL, NBA, MLB and NHL.
So fans of the New York Knicks and New York Rangers, or the Brooklyn Nets and New York Islanders, or the Buffalo Bills and Buffalo Sabres can get skin in on the games.”
It took less than a month for New York State to become the largest sports betting market in the U.S. In just three weeks after launch, NY sportsbooks generated $57.6 million in tax revenue. That blows away the previous high for a single state. Offering such big bonuses out of the gate helped to create that massive handle for sporstbook handlers and massive taxes for New York.
Could there be a downside of online sports betting for New Yorkers? According to the New York Council on Problem Gambling...YES!
During the first 23 days, all the headlines stated that there was 1.62 billion dollars wagered and there was 113 million dollars in revenue. The gambling industry and gambling providers in NY as well as some Lawmakers were extremely pleased with the opening of MSB in New York.
“Betting volume is outstripping even the most optimistic projections so far” said PlayNY.com analyst Mike Mazzeo.
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