The online legalization creating more opportunities in New York state

The online legalization creating more opportunities in New York state

Sports betting companies have been eyeing up key markets ever since landmark changes in legislation in 2018 led to a surge in new sportsbook opportunities across the US. In May of that year, the Supreme Court ruled and struck down the federal ban on authorized sports betting. This meant that states were granted the power to decide whether they wanted to allow their citizens to place sports bets online.

Some states had already put the wheels in motion. New York’s neighboring state, New Jersey, had applied for their online casino license in 2013; however, it wasn’t until the Supreme Court ruling that this application became viable.

This resulted in a flurry of sportsbooks eager to enter the US market. It wasn’t just new sports books looking to make a name for themselves. Some of the world’s biggest providers, who had established a foothold in sports betting markets abroad, now turned their attention to the untapped potential of the world’s most prominent economy. The focus soon shifted to the size of each state, which ones were viable and where they could expand their business platforms.

Opportunities for new bookmakers

Sportsbooks are emerging online every week, whether launched as a popular casino subdivision, as part of a broader sports betting conglomerate or as independent providers looking to carve off some of the global industry for themselves.

While the newest bookmakers are eager to grab some of this budding market for themselves and often look to emulate or match the quality of some multibillion-dollar platforms, it wasn’t just new providers looking to set up in New York.

Setting up in such a competitive and saturated industry is a challenge. Still, the fact that millions more people in the US could now legally gamble online meant there was much greater demand and a far bigger pool of customers to aim for. Sportsbooks that were able to launch a viable product and advertise themselves appropriately certainly had an opportunity to expand.

The state-by-state case

New York is often considered a global city, alongside Paris, Tokyo and London. They are not often considered part of their country; they are more of an extension of the actual global metropolises known for their global markets and ideas. Just by doing a bit of basic number crunching, it becomes evident why New York state, in particular, has more opportunities than the vast majority of other US states.

From a population perspective, nearly 20 million people live within New York state lines, which makes it the fourth most populated state in the US. California remains the most populated US state despite its population decreasing over the last few years. However, California has taken a hardline stance on online gambling, choosing not to legalize it on several occasions despite powerful pitches from lobbyists.

California has a robust economy, with several of the world’s top companies located in the state, so they can be more flexible when evaluating the pros and cons of legalizing online betting. It doesn’t look like they’ll be changing their stance anytime soon, much to the dislike of the big sports betting giants. The same applies to Texas, the second most populated state, which has also refused to legalize online gambling on several occasions.

Florida recently allowed online sports betting companies to operate, but given that they only entered the market in 2023, New York has offered one of the most significant sports betting opportunities in the US.

A unique market

Allowing online sports betting was big news for New York businesses — and sports betting companies didn’t wait around before applying for their licenses and advertising their services to New Yorkers.

In under two years, the statistics that have emerged from New York have shown just how lucrative some of the opportunities have been for sports betting companies that set up in the state as soon as they could in January 2022.

Aside from one month, New York has had a higher monthly betting handle than any other state. New York also boasts a considerable edge when it comes to the quality of their sports teams. For instance, although Florida might have a higher population to aim for, New York is the home of the Yankees, the Knicks and the Warriors.

Sports flow right through the spine of the state, and this is the basis for strong viewership and a healthy sporting culture, which both ultimately lead to a more varied and engaged sports betting market. The statistics that have emerged over the last two years back this up.

Summary

With the size and potential of the New York betting market, there’s been no shortage of companies looking to move to the Big Apple and capitalize. This includes digital marketing firms looking to tap into the New York sports betting base, software companies wanting to provide better, slicker software for these companies to use and mobile app developers looking to advertise their expertise to this flourishing New York market.

Nobody knows how large this market could grow, but with such promising initial figures, we expect to see it continue rising over the next few years.

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