What the New York Voters Want With Online Sports Betting
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When a state opens up sports betting, there are plenty of free bets, promotions, and offers that sportsbooks hand out to acquire new players, whether this be online or at a retail sportsbook. New York seems to be showcasing plenty of this, such as that of DraftKings’ $100 in free bets for signing up to them.
However, due to the extortionate 51% tax rate sportsbooks must pay on all revenue, these offers may come at a premium. For example, in other states, DraftKings has offered free bets worth up to $1,000, but as touched on by their CEO Jason Robins in 2021, the tax rate does mean operators may have to cut back on marketing.
It could mean voters see a considerable lack of offers for New York sports betting in contrast to that of other states. The sportsbook welcome bonuses are still generous, and with nine sportsbooks set to go live, there will be plenty on offer. But, unfortunately, it is expected to be a state with the fewest on show.
Fantasy Sports to Still be Easily Accessible
The move to online sports betting has called into question daily fantasy sports (DFS) with a current court case questioning whether it is indeed gambling as opposed to a game of skill, which could alter the way this iGaming area is operated.
The New York Court of Appeals will need to determine this on Feb. 8, five days before the Super Bowl, but it has suddenly made the positive news of online betting a bit negative to New Yorkers, who may end up seeing their fantasy sports leagues change completely.
Although it won’t change much for those who are eligible to bet in the state anyway, it would, however, change what has previously been a positive market for them. Should the ruling go against DFS, it would simply intertwine with sports betting and be treated the exact same.
An Array of Online Betting Options
One of the main benefits voters will see from the launch of online wagering is the array of options they have. This goes for the online sportsbooks and the sports and markets they can bet on, with the leading operators like FanDuel and DraftKings competing with the likes of Bally Sports and Rush Street Interactive once they go live. One will want to be better than the other, and it will give voters the vast array of options they want.
RELATED: DraftKings New York Sportsbook Launching Tomorrow at 9 a.m. ET.
Similarly to the point above, it will also give voters the chance to get free bets from a variety of places, but also, it allows bettors to compare odds and sportsbooks to a greater capacity, rather than having to settle for a sole sportsbook.
Ultimately, voters were hoping for a vast amount of sportsbooks to choose from, and they have that and then some with nine sportsbooks in total set to go live in the coming weeks. In reality, there should not be a lack of markets or sports to bet on across New York at all.
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