To say that the global online betting industry is worth over $265 billion, it’s surprising to think that a major state like New York hasn’t contributed to that. Until last month, the online betting industry in the USA’s fourth-most populous state was non-existent. However, this is all set to change.
It was recently announced that the Gaming Commission in the state has issued licenses to several major betting brands, allowing them to set up shop online. Now, some analysts believe that this could lead New York to become the epicenter of the global gambling industry in the years ahead.
Online Betting Set for Launch in 2022
In November 2021, New York finally caught up with its neighboring states by moving to legalize online gambling. It granted licenses to several betting brands, including FanDuel, DraftKings, and Caesars Sportsbook. These companies will now be able to set up online betting sites and market them to players in the state.
The move towards online betting in New York will still take some time, though. The Gaming Commission will have to iron out some technical issues and test the sites to see if they comply with the rules in place. These sites have agreed to pay 51 percent tax to the government, meaning that the legalization of the industry will be hugely profitable for the state.
Experts expect most of the sites permitted to operate will start taking bets in 2022 ahead of the Super Bowl in February. This is the most important event in the betting calendar in the US and will be a notable boost for new sites in the state.
Experts Think New York Could be the Epicenter of Betting Industry
The recent announcement has caused a lot of excitement in the state and in the betting industry. Some publications have already claimed that New York could now become the “Mecca of the online betting industry.” This is a bold assertion, but there are a few factors that could merge and enable this to come to fruition.
Currently, New York is way behind other states in the USA when it comes to betting. New Jersey is the most successful state so far after it legalized the sector in 2018. It now rakes in more than $6 billion per year from wagering.
Other spots around the world see more betting activity, and these would need to be beaten for New York to become the epicenter. Japan and Australia top the table in the countries that like to gamble most around the world, and both spots have thriving online betting industries.
Canada and the UK are also up there, with well-established industries that have been booming for many years. It will take a while for the USA to catch up with these hotspots. If it is to do so, it wouldn’t be surprising to see a busy state like New York leading the way.
Few Places in the World Have Such High Concentration of Sport
The main reason New York is going to be a major player in the online betting industry is down to the sheer number of professional sports teams in the state. Nowhere else on the planet can boast the same concentration of highly competitive teams in the same place.
There are ten professional sports teams in New York, and these all compete in the top five largest leagues in North America. The New York Yankees is one of the best-known and most marketable sports franchises in the world, and even people with no knowledge of baseball are familiar with the logo.
A few of the other famous and thriving sports teams in New York include the New York Knicks in the NBA, New York City in the MLS, New York Jets in the NFL, and the New York Islanders in NHL. With all the sports and teams in action, there’s always an event for bettors to stake on in the state.
High Population Also a Factor
The high concentration of people living in New York state will be a huge factor in the growth of the betting industry in the state. Up to now, residents have been able to stake on matches in physical betting outlets, but these have been far from universal. With online betting, more people than ever will be able to wager.
Over 20.4 million people are living in New York State, and only Florida, Texas, and California are more populated than the northeastern state. It’s estimated that around 85 percent of American adults are interested in gambling, meaning that there should be a vibrant market in New York soon.
The New York market is also likely to siphon some of the revenue from New Jersey, which is currently booming. Because bettors in New York state could not stake until now, they have used VPNs to log on to sites based in the neighboring state and place their bets in this way. After a few years, it will be easier to see a clearer picture of which state rules the roost.
For bettors, this is an exciting time to be in New York. Betting sites will be desperately competing with their rivals for customers, and this will lead to a vast array of enticing welcome bonuses. These could come as deposit matches, free bets, and price boosts.
There is certainly a convincing argument to be made for New York becoming the Mecca of sports betting. It has been behind other locations in the USA for some time, but once betting sites get established in the state, it could lead the way. From there, it could push on to earn recognition as the epicenter of the gambling industry.