Bookie Industry News: New York Betting is Better, But Could Do More
The sports betting numbers in New York for January does say that New York betting is better. The gross gaming revenue for the state for the first month of the year is at $3.570 million. This is a lot higher than December 2020’s $2.3 million. Not only that, but it far outperforms the pre-pandemic market of January 2020’s $1.943 million revenue. Currently, sports betting in New York is only allowed in licensed sportsbooks/casinos.
The lack of allowing residents to bet online is something that limits the betting market of the state. Many bookies who are learning how to become a bookie are all taught to go online- the convenience and accessibility of online sportsbooks make it easier to run a sportsbook. As for those who bet on sports, especially in New York, it could be easier to just open your phone and place a bet than drive up to a casino upstate.
New York Betting Future
As we mentioned earlier, getting an online bookie software provider to set up your sportsbook has become the norm. But New York has been resistant to allowing mobile wagering, at least until this year. Governor Andrew Cuomo has had a change of mind, and now supports online sports betting. Allowing the market to grow will help the state collect taxes that can help their $15 billion budget deficit. As promising as this is, the Governor also did say that he is not doing this to give casinos money. Rather he wants to generate money for the state. Which means that he would like to put in a state-run model for online betting.
Again, while it would finally allow people to bet on sports, it won’t have that large an impact as allowing more operators to offer online wagering. One of the best business tips for your bookie business to make sure that you offer a good product. If you are the only player in the market, you can control the lines, and the lack of competition will have an effect on the lines you set. This is a problem already in another state, where the sole sportsbook operator is already being criticized for unattractive odds. If New York wants to collect a lot of money from sports betting, perhaps they should consider the model of neighboring state New Jersey, which collected $398 million in revenue back in 2020.