The sports betting operation in New York has been nothing but a success as the splurge continues. The Empire State continues to dominate the industry, breaking its own records at the same time.
The New York Sports Betting Market Has Yet to Hit the One Year Mark
The New York sports wagering market continues to set the tone for the industry, and has set records for three consecutive months. The 51 percent tax rate based on revenue continues to play a major role in these groundbreaking figures.
Mobile sportsbooks registered a record of $75.6 million in the tax revenue department for November. New York had previously posted nationwide highs in September ($73.1 million) and October ($74.2 million.), which no other jurisdiction has come close to.
Still, the tax rate will be one of the topics that will be brought up in the upcoming legislative session as
the bookmakers have expressed their displeasure with the whole situation. Without a second of a doubt, operators in the state are far from becoming profitable in the state.
Currently, nine operators accept wagers in the sports gambling capital of the world, and four sportsbooks make up over 90 percent of the market’s handle, revenue, and market share. These four entities include FanDuel Sportsbook, DraftKings, BetMGM, and Caesars. FanDuel leads this group as the most popular brand in the state.
What’s Next for New York as the Year Comes to a Close?
Sen. Joe Addabbo has been an advocate for the sports betting market in the state but sees it as a difficult task to make amendments to the bill quickly. He stated on a news source;
“Somebody’s going to have to make that realistic, fiscal economic argument that by doing that — reducing the 51%, increasing the amount of operators — benefits the people of New York State and increases the money for education.”
In short, he doesn’t want the funding to be affected as the generated revenue goes towards funding programs like education and youth sports. The market has accumulated $655.3 million in taxes, which will continue growing as the fiscal year ending isn’t until January.
Addabbo and Assemblyman Gary Pretlow stated that they want to consider the possibility of offering more betting options in the state, as individual players’ future awards are prohibited. On the other hand, New Jersey has a low barrier to entry, which means more sportsbooks could offer their products and services to those who reside or visit the state.
Looking at the Market Share in the State
Regardless of what is next, only a couple of online operators control most of the market. With no
surprise has followed a strong October handle with a slightly better November. The platform also takes in a major of the state’s wagers, revenue, and market share. In addition, the bookmaker has maintained key partnerships, which include the New York Yankees.
Their biggest rival, DraftKings, is the second most popular sportsbook in the state. Caesars and BetMGM round out the top four.
