Sports betting has been pretty busy on the east coast as of late. Massachusetts looks to make a push to enter the sports betting market, with New Jersey’s Governor supporting the case. Across the Hudson River, New York had its first down month in May.
Breaking Down New York’s Sports Betting Market First
The Empire State had a down month in May as the weekly handles fell under the $300 million in back-to-back weeks. The New York State Gaming Commission hasn’t reported the results for the week ending May 29th, but the results should come out within the next week.
Despite the slow month, the New York sports betting market has surpassed the $7 billion mark with a total handle of $7.152 billion, as was reported on Friday by the Commission. In the Empire State, as well as across the United States, FanDuel is the most popular sportsbook.
FanDuel has also become the official sports betting partner of one of the most iconic franchises in the world, the New York Yankees. Through the week ending May 22nd, FanDuel had an overall handle of $2.75 billion, which is the largest in the state.
DraftKings has secured the second position with a handle of $1.73 billion. Caesars is currently in third place with a handle of $1.58 billion. Caesars became the official sports betting partner of the New York Mets.
The state has the highest tax rate in the country at 51 percent, tied with only New Hampshire. Sportsbooks that accept wagers cannot use promotion deductions as a way to cut back on taxes. Thanks to mobile sports betting becoming second nature throughout the state, the state has collected $263.4 in tax revenue since its launch.
Massachusetts Sports Betting Gaining Support from New Jersey’s Governor
Before New York’s mobile sports betting market launched, New Jersey was the best market in the industry. The Garden State had benefited from bettors crossing state lines to place wagers. Even with New York’s biggest launch in the industry’s history, New Jersey’s market has still witnessed growth.
It’s easy to say sports betting in both New York and New Jersey have become second nature. The sports betting legislation has been an uphill battle in Massachusetts as both the House and Senate passed separate bills that are virtually very different from one another.
The Senate doesn’t want to allow college sports betting and wants to ban players from funding their accounts with debit cards or any other digital methods that include Paypal.
The Senate also wants to ban sports betting commercials as they believe that is not suitable for viewers under the age limit. The chamber also wants higher tax rates than the House.
New Jersey’s Gov. Phil Murphy stated that he would do it in terms of bringing sports betting to the Bay State. He added;
“We’ve long ago beaten Nevada in terms of the monthly handle, and we’ve stayed high even though New York has now legalized.”
Sports Betting on the East Coast
If Massachusetts legalizes sports betting, there is no doubt that New York, New Jersey, Massachusetts, and Pennsylvania would be the biggest markets on the east coast due to their population numbers and sports teams in the state or nearby.
Gov. Murphy also stated;
“We’ve also been able to attract a lot of jobs into New Jersey because it’s a fintech business … It’s been a home run. I wholeheartedly endorse it.”