One day I went to New York sports betting and it went as expected. we move on to sunday.
DraftKings, FanDuel, Caesars and BetRivers all went live on day one and here are 6 things to know about sports betting in New York.
1. Technology isn’t perfect
Caesars’ app and website were down for nearly three hours, which was Saturday’s biggest story.
It first stopped working between 7pm and 8pm ET and came back just before 11pm ET.
Things were never perfect, but it’s not a great start for a book with brand recognition but little consumer fairness when it comes to the product.
We are aware of the current service disruption and are working to get everything back up and running as quickly as possible.
Thank you for your understanding and cooperation.
— Caesars Sportsbook (@CaesarsSports) January 9, 2022
2. Pricing is normal
There were concerns that New York State’s 51% tax rate on businesses would have downstream implications for bettors, including unfavorable odds and pricing. Instead of -110, NFL points he could be -112 in the spread.
So far, no. New York pricing looks similar to every other state these sportsbooks operate in.
There’s no guarantee it’ll stay this way forever, but gambling attorney Daniel Wallach told The Action Network two weeks ago that he doesn’t expect the odds to change in New York.
Rhode Island and New Hampshire have similar tax rates and don’t see much difference in price.
3. Lacks more sports and betting types than colleges in New York
As with New Jersey, betting on New York college teams or in-state college events is not permitted. we knew that.
However, New York bettors were disappointed by the lack of several sports, leagues and betting types available.
New York’s 55-page wagering rules document does not specify which markets are not permitted, but it is clear that there are certain bets that are not permitted in New York.
A random sample of what’s missing:
- props for nhl players
- African Cup of Nations Football Tournament
- Other International Football Leagues
We are trying to keep track of any listings that have not been offered and will update this post when they are.
4. Free money is still flowing
New York has a tax rate of 51%, so it may not be a very profitable state for many sportsbooks. There is a belief that marketing and promotion will eventually die out because it is too expensive to maintain.
But it won’t happen anytime soon. All four live books offer hefty promotional money, including Caesars’ $3,000 deposit match and $300 free bet.
If you’ve already claimed your first sign-up bonus, don’t worry. FanDuel in particular offers a free money bet (usually up to $50) on his NFL Week 18 on Sunday.
5. Could New York beat retail sales in the last 2.5 years this weekend?
It’s clear New Yorkers were ready to bet. Look at this stat from Ryan Butler.
According to New York State, 5.8 million geolocation transactions were recorded in the first 12 hours of legal online sports betting. @geocomplythe highest transaction total in the first half-day of any market and well over double the total from the next highest state (PA).
— Ryan Butler (@ButlerBets) January 9, 2022
New York State generated just $3.7 million in tax revenue from in-person sportsbooks over the past 2.5 years.
With just three days of online betting, can a state top that number?
New Jersey sportsbooks made $2.7 million in profits per day in October. At a tax rate of 51%, this means New York will bring in nearly $4 million this weekend.
New York is unlikely to win that amount of bets any time soon, but it shouldn’t be long before it crosses $3.7 million.
6. More sportsbooks coming
DraftKings, FanDuel, Caesars and BetRivers were the first to be approved, but five more books are in the works.
So, if you’re still waiting for the right book or a specific bet type (such as point betting), more options will become available in the coming weeks.
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