New York has become one of the latest U.S. states to legalize online sports betting, and as expected, this has resulted in a massive windfall for the operators who have been given licenses to operate in the region.
The four providers who operate in New York are said to have seen more than 650,000 unique player accounts registered in January, and that more than $150 million was bet by those who joined.
This has resulted in a big tax windfall for the state that is expected to raise $357 million over the course of the year. The first ten days proved monumental, with 1.2 million accounts created between January 8th and January 18th, with 87.8% coming from mobile phones and devices.
The operators that are licensed in the states will be battling it out for customers in the state, and offering the best sports betting odds are sure to be a great way to win that race in the long term. Other ways to entice customers coming in the form of great welcome bonuses and solid ongoing promotions to retain the loyalty of their users.
More good news comes from the fact that the legalized sports betting market is doing serious damage to the unregulated markets, with users switching from nefarious providers to those which are regulated in New York, as commented on by GeoComply Managing Director of Gaming Lindsay Slader;
“The momentum of New York’s sports betting launch has continued, and it is mostly home-grown,”
“The vast majority of users are brand new to regulated sports betting in the U.S.”
“The data tell us that New Yorkers are dumping illegal sportsbooks for the new legal options, and operators are also excelling at attracting first-time bettors.”
It had been predicted that the influx of sports betting in New York would impact New Jersey, which already allows mobile sports betting, but this hasn’t proven a massive issue for New York’s neighbors.
Another interesting stat comes in the form of retention. Currently, New Yorkers average 1.36 accounts per player, meaning that users are pretty much sticking with the provider they opened with but clearly, in the coming weeks and months, as new offers come along, there may be some fluctuation in this department.
The current rate of New York’s mobile sports betting success is set to beat Arizona, which experienced a record $291.2 million record in their first month of online mobile betting, and that’s a number the Big Apple is set to surpass with ease.
Then, of course, February brings with it the Super Bowl, and then that month should smash whatever January numbers New York manages to reach.
New York was always going to perform better than other states, as echoed by Mike Mazzeo, lead analyst, and writer for PlayNY, who stated;
“No other legal sports betting market in the U.S. is capable of these sorts of numbers, and they lay a rock-solid foundation for the remainder of the fiscal year,”