NY Sportsbooks Not Performing as Expected Based on Preseason NFL Betting
Although sports betting was already legal in New York since 2013, betting activities were confined to licensed casinos; sportsbooks became legal only in 2019. Like other American states, New York state lawmakers immediately worked on legislation that would allow the establishment of retail betting as an industry.
This was after the Supreme Court declared the Professional and Amateur Sports Protection Act of 1992 (PASPA) unlawful. Still, NY lawmakers took caution as it was only after the COVID-19 health crisis that the state’s sports betting law was modified to include acceptance of online wagers.
NY Sports Betting Shows Disappointing Results
New York’s nascent sports betting industry has flourished although not meeting high expectations. Actually, even before, many New Yorkers were already into staking bets online by using mobile applications that allowed them to access New Jersey-based sportsbooks. Since most New Yorkers preferred to stay safe, mobile betting was still the preferred method. Prior to the enactment of NY sports betting law, many mobile phone users used sports betting apps to access the sports book of operators licesed in other states.
Nevertheless, Gov. Andrew Cuomo approved the 2021 budget that also enacted mobile sports betting in NY. The much needed supplementary revenues have been coming in to help the state recover and overcome its deficiencies. However the amount coming in has not been meeting expectations.
Mobile Sports Betting Performance Amidst the 2022 NFL Tournament
The latest mobile sports betting report showed that the total amount of money collected as wagers by all NY licensed sportsbooks had surpassed the $10 billion mark ever since sports betting became a legal industry in New York. However, during the past two months, July and August, the betting handle or the amount of money collected from punters remained stagnant at less that $200 million; except in August 26, when the money accounted as bet handle of all NY licensed sportsbooks totaled $200.1 million.
NY sportsbook operators were optimistic that betting activities will start picking up in the first week of the NFL preseason. The month of August saw the combined revenues of NY operators improving for its poor July performance when total net revenue hit only $6.2 million. August betting activities saw sportsbook operators winning bets of over $20 million.
Actually, American punters have become quite savvy with how and where they place their hard-earned betting money as wagers. After all, there are other sportsbooks to choose from and not just the major operators like Draft King, Caesars and Fan Duel, which is just to mention a few.
One sportsbook that has been in our sight because it offers high odds, is BetWinner. Sports bettors can access the betwinner website by downloading the related mobile APP that works for both iOS and Android supported mobile phones. A betting app download provides punters access to a mobile-optimized version of the Bet Winner sportsbook.