When it comes to sports betting in the United States, the state of New York has emerged as the clear leader in this industry. It wasn’t until 2022 that online sports betting was finally legalized, but the state started to set industry records almost immediately.
It used to be New Jersey which was the leader in sports betting, but that state was getting business from residents of New York. Now that those people can simply make wagers in New York, the overall numbers that this state is putting up are incredible.
Since 2018, the United States has wagered more than $250 billion on sporting events. That number is also on the rise, and there are now over 30 different states that allow sports betting of some kind.
The sports betting market in New York is also going to get even bigger moving forward, and others will be trying to keep up. For anyone who is in the state of New York, there are some great betting options available.
Historical Background of Betting in New York
New York actually had a law passed to legalize sports betting all the way back in 2013, but there was no way for sportsbooks to go live. That’s because there was a federal ban on sports betting, and New York couldn’t run the risk of getting in trouble with the federal government.
Once the ban was lifted, it didn’t take long for retail sportsbooks to go live in the state of New York. For some reason, lawmakers had a much tougher time getting an online sports betting bill passed, and that kept the market pretty small.
It wasn’t until 2021 that online sports betting was legalized, and the launch of those sportsbooks came the following year. New York was finally able to keep sports betting action in the state as opposed to seeing it all go to New Jersey.
New York Betting Legalization Details
In 2013, the New York Gaming Economic Development Plan was passed, and that made sports betting legal in the state. That law laid out the framework for in-person wagering, but it wasn’t until 2019 that bettors were able to make wagers.
The New York State Gaming Commission still had to create sports betting rules and regulations, and they allowed Native American tribal casinos to offer wagering. The only issue with that, though, was online sports betting was never included.
Lawmakers in the state started to introduce online sports betting bills in 2018, but there wasn’t enough interest to get anything done when Governor Cuomo included online sports betting in his 2021 budget, which made this a possibility.
Online sports betting launched in the state of New York in January 2022, and the state immediately started putting up massive numbers.
Where to Bet in New York
New York started out as a state that only allowed retail sports betting, but those retail sportsbooks were not in the best of locations. Since there were no sportsbooks located near New York City, bettors in the state were forced to do some traveling.
Now that there is online sports betting in the state of New York, most of the bettors choose to make their wagers online. There are now some great online sports betting options in the state, and some big operators are also offering betting at retail sportsbooks.
Here is a look at all of the retail sportsbooks you are going to find in New York:
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The list of online sportsbooks in the state of New York has grown over the last few years, and there could eventually be some new operators entering the state as well. New York has been able to attract plenty of big-name operators despite those companies having to pay a high rate of taxes.
Here is a list of online sportsbooks you are going to find in New York:
- BallyBet Sportsbook
- BetMGM Sportsbook
- BetRivers Sportsbook
- Caesars Sportsbook
- DraftKings Sportsbook
- FanDuel Sportsbook
- PointsBet Sportsbook
- Resorts World Bet
- WynnBET Sportsbook
Key Regulations and Rules
Now that the state of New York allows online sports betting, the rules and regulations in this state are similar to what you see in other markets. There is one major difference, though, and it’s a big reason that New York has made so much money.
The sports betting tax rate in New York is 51%, and that’s way above the national average. Even though the tax rate is higher than most other states in the country, operators are still fighting for licenses as there is just so much overall potential.
Anyone at least 21 years of age and physically in the state of New York is able to make a wager at the sportsbooks in the state. New York sportsbooks are able to offer bets on college and professional sporting events, although betting on in-state college teams cannot be offered.
Sportsbooks in the state of New York are also given the freedom to offer many different betting types, and the operators take full advantage. You are going to find some great bets to make at both online and retail sportsbooks, and that will give you a better chance to win.
Popular Sports and Events to Bet On in New York
States with a long list of professional sports teams tend to have the most success when it comes to sports betting, and that’s the case in New York. The large population has also helped New York put up big numbers in this industry, but there are some great teams that drive the sports betting action.
Since football tends to be the most popular sport when it comes to entertainment and sports betting, it is the NFL teams in the state that attract the most wagers. These would be the Buffalo Bills, New York Giants, and the New York Jets. All three teams have a pretty big following with sports fans in the state.
Basketball is another sport that is common at the sportsbooks, and the New York Knicks are the fan favorite in the state of New York. The Brooklyn Nets have also been able to generate some excitement in New York, but the Knicks will continue to be the most popular team in the state.
The New York Mets and Yankees are the two MLB teams in the state, and there is a pretty nice rivalry between the teams. It is the Yankees that are easily the most storied franchise, but there are plenty of Mets fans in the state as well.
Hockey is another sport that sometimes isn’t always popular with sports fans or bettors, but there are four local teams to root for in the NHL. The New York Rangers are the most popular team in New York, but there are also fans of the New York Islanders, Buffalo Sabres, and New Jersey Devils.
Madison Square Garden is one of the most storied venues in all of sports, and it is known to host some massive sporting events. You can bet on collegiate sporting events that take place at MSG, but it is illegal to wager on in-state college teams due to the NY sports betting laws.
Tips for First-time Bettors in New York
If you are going to start betting on sports in the state of New York, then you are going to want to enter the industry with a plan. Using some tips from other sports bettors can help put you on the right path.
Betting on sports can be challenging, especially when you are trying to make some winning wagers. With that in mind, you might want to see if you can find some betting picks or predictions from others, as that can save you time in doing research.
Another rule of thumb is to create a bankroll management plan before you ever place your first wager to ensure that you know how much money can stand to lose.
It’s also a good idea to spend some time studying all of the different betting types that are offered so that you know what options are available to you. Make sure that you fully understand each betting type and use different options throughout your sports betting journey.
The Future of Sports Betting in New York
It’s hard to believe that sports betting in the state of New York still has some room to grow, but that’s exactly the case. There are going to be more retail sportsbooks coming to the state, and more online sports betting licenses will become available as well.
It’s a very real possibility that, at some point, New York could see more than $2 billion in handle for a single month. It once felt like even getting to just $1 billion was going to be impossible, but New York has been able to fly past that number many times.
ESPN BET and Fanatics are both going to be launching online sports betting at some point this fall, and that is going to bring some more excitement to this market. Online sports betting has produced a huge increase in tax revenue for New York, and that is going to continue to be the case moving forward.
Every other state is trying to catch New York in both handle and revenue, but it’s nearly impossible to see that happening at any time in the future.
With so many great sports betting options in the state of New York, you are going to find plenty of places to make bets either in-person or online. This is a sports betting market that will continue to grow and bring a new wave of operators to the state.
