New York: Online sports betting are live

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Maximilian Deininger January 14, 2023

With New York, another US state has legalized digital sports betting. According to matching media reports, New Yorkers have been able to legally place their bets on licensed providers in the eastern state since January 8, 2023. Four bookmakers would be available for the launch that could secure a license in advance: Betrivers, Caesars, Draftkings and Fanduel.

The big US sports leaves such as the NFL are extremely critical of the legalization of sports betting in the country. ((© Adrian Curiel /unsplash.com)

Official permits

Have been since 2018 Sports betting officially allowed in the United States. As the highest US court, the Supreme Court raised the ban on this area of gambling, which has been considered federal law since 1992. From this point on, all US state were able to change the law on their own in order to Sports betting to regulate. Many states have already initiated a legalization process. Now New York has also dared to take the step.

Resistance Until the final judgment of the Supreme Courts, the great US sports leagues were against legalizing the sports betting. The National Football League (NFL), National Basketball Association (NBA), Major League Baseball (MLB), National Hockey League (NHL) and numerous college sports associations had justified their resistance with possible game manipulations. They feared agreements and shifts that could endanger the integrity of the respective sport.

Since January 8th People in New York Bet on sports events online. Four industry sizes are available as providers with beseters, draftkings, fanduel and Caesars. According to US media reports, the four bookmakers took care of a license very early. In the long run, however, the New York sports betting market should not only house the four industry representatives. There are currently Other providers in the queuethat should receive official approval in the near future. Specifically, it is about Resorts World, Wynnbet, Betmgm, Bally Bet and Pointsbet.

However, the approvals for the five bookmakers should not in one go, but should not award at regular intervals will. According to state supervisory authorities, the relevant providers are in an ongoing process in order to meet all legal and official requirements.

In the future, New York will dominate the US sports betting market?

With the legalization of the sports betting, New York caused a good hustle and bustle on the online sports betting market. In the first twelve hours after the launch, it would have overall 5.8 million inquiries given that were registered through geolocalization.

According to industry analysts, there would be the possibility that New York in the long run into one of the largest sports betting markets in the United States could become. The inquiries have increased to a total of 17.2 million via the launch weekend. In five districts of New York City alone, the authorities would have registered around eight million inquiries. A demand that no other BundestAat could show in the same period.

The record start of the legalization of sports betting in New York is particularly interested in New Jersey. According to industry reports, the neighboring state is the current “King of Sports Betting” in the USA. Many New Yorkers have regularly crossed the state border to Wetting in New Jersey to place. In 2019, around $ 837 million in the state sack of New Jersey landed in this way. With legalization in the neighboring state, this source of income could now dry up.

Gigantic sales According to matching press reports, the sports betting industry in New Jersey is an enormously productive industry. In November 2021, a record sales of $ 1.29 billion was achieved.

US sports betting on the advance

With New York, the legalization process about sports betting in the USA has passed into the next phase. Since the Supreme Courts’ verdict, the industry branch of the local gaming industry has been on the rise. Immediately after the ban was lifted in 2018, the Shallenkourse of numerous US bookmakers skyrocketed.

The same occurred in November 2020 when the states of Maryland, South Dakota and Louisiana officially allowed bet on sporting events. At that time, the shares of Penn National Gaming, Draftkings and Fanduel increased vigorously. Overall, a Value growth of $ 537 million booked.

Industry experts also suspect a similar development for bookmakers who can have an official approval for the New York sports betting market. So it is quite likely that the share prices of the “lurking” providers when receiving an official license increase by several percentage points could.

High demand According to the American Gaming Association (AGA), there was a gigantic demand for sports betting in the USA. That would prove the 2021 NFL season alone. Around 45.2 million Americans would have placed bets on the games of the football league.