Sports betting has become a mainstay in New York as the operation began on January 8th. There is another sector that the New York State Commission hasn’t legalized yet, which has to do with iGaming. iGaming will inevitably generate more revenue than sports betting did in the Empire State.
iGaming Would Be the Next Best Thing in New York
The New York mobile sports betting market has been a huge success despite only having eight operators currently accepting wagers. Bally has yet to launch but will offer its platform and services to the public soon as the operator waits for the Commission to give the green light.
The New York Legislature adjourned about a week ago without approving a bill that would legalize online casino gaming in the Empire State. Bettors have enjoyed funding and withdrawing money from the sports betting business venture and will do the same when mobile casino gaming comes in the near future.
Senator Addabbo, chairman of the Senate Racing, Gaming, and Wagering Committee, believe that iGaming in the state is inevitable. The next regular session will take place in 2023 in a statehouse in Albany.
Why iGaming is Inevitable in New York
New York is the biggest sports betting market in the United States as it is home to the fourth-largest population. iGaming is offered in a few jurisdictions across the United States, and New York is surrounded by three states that offer online casino gaming.
The three states include Connecticut, New Jersey, and Pennsylvania. Connecticut offers its residents 500 different games to choose from as the iGaming market in the state is exponentially larger than its sports betting market.
The other states that offer online casino gaming are Delaware, Michigan, and West Virginia. To the north of the border, Ontario offers internet gaming to those who reside in the province.
Just like sports betting, iGaming continues to expand its reach and continues to market its way to new territories. According to estimates, the iGaming market will be worth approximately $93 billion as it is currently worth around $59 billion in 2022.
Convenience is the key to driving up the value as many don’t want brick-and-mortar casinos or gaming facilities to play numerous types of games.
For Now, Sports Betting is Still the Biggest Thing in New York
Just recently, FanDuel became the official sports betting partner of the New York Yankees. This shows that sports betting has become second nature in the Empire State. The eight operators in the state have combined to pay $270.5 million since the operation began on January 8th.
New York has the highest tax rate in the country, which is situated at 51 percent. Only one other state has the same tax rate, which is New Hampshire. Sportsbooks in New York cannot use promotional credit spending to lower the amount of taxes they have to pay.
In the future, a lower tax rate could be discussed as sportsbooks will take at least three to five years to be profitable in the Empire State. New York’s overall handle has surpassed $7.4 billion, which has surpassed other prominent markets like Illinois, New Jersey, Nevada and Pennsylvania, and others.