Online Sports Betting New York

January 8, 2022 was a landmark day. The decision to legalize online sports betting in New York threw open a whole new world of revenues to the government after a two-year lull due to the Covid-19 pandemic. Along the way, it may have spurred a new revolution to the betting landscape in the region, and by extension, the rest of America.

Here are our recommendations for New York:

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Online sports betting New York since its debut

Simply put, it has perhaps exceeded expectations, with bets ranking in millions of dollars. The earnings have helped bring in massive revenue into the tax coffers ever since it was legalized in January. The cold numbers are staggering, to say the least. Approximately $2 billion have been earned through wagers, out of which the government has earned $80 million as tax revenue. Coming at the time it has, in the aftermath of a deadly pandemic that nearly locked down the entire world in 2020, it is quite a feat not many may have seen coming.

New York’s figures are so mind-blowing that they have even surpassed those of New Jersey and Nevada, which is known to be the country’s gambling paradise. For the record, New Jersey has consistently topped the charts in mobile sports betting ever since it was legalised in 2018. The region’s transformation into a bookmaking haven in the USA is a sign of fast-growing appetite for sports betting. This sea change has had many wondering if the drop in numbers in New Jersey is due to the popularity surge in New York. The simple answer is: no. New York isn’t at fault here, because the NFL and NHL calendars have significant breaks in February.

In January, all the football events combined brought in revenues in the range of USD 340.3 million through NY mobile sports betting alone. In February, these figures dropped alarmingly, to USD 143.7 million – a result of the sports calendar thinning down leading to a small dip in spectator/fan interest. This wasn’t just true of New York or Jersey. Other significant sports betting markets in America, like Iowa, Tennessee and Indiana also experienced a significant decline post the January high. Also, in New York, after the highs and initial excitement of January, the sum of the total wagers saw a 9 percent reduction. Despite this, the overall numbers are still incredible.

So what works for New York sports betting?

The fact that it’s home to multiple teams across four major sports that betters often wager on. Just look at the line-up: the New York Liberty, the New York Rangers, the New York Nets, the New York Knicks, the New York Islanders, the New York Jets, the New York Mets, the New York Bills and the New York Yankees.

Need we say more? This is a perfect recipe to rake in billions of dollars worth of bets every month, the occasional lull notwithstanding.

All said, like most popular offerings, mobile sports betting has a flip side too. Specialists and mental health experts are worried about the addiction it could cause. For two years, talks around the telling impact of gambling addiction had somewhat subsided even as casinos gambling outlets around the world were battered by Covid. But they have all rebounded with their highest-grossing year ever. A combination of this and the rise of online sports betting have raised fresh concerns. This is one of the concerns that the New York State Gaming Commission needs to look out for.

Mobile sports betting apps in New York

New York has transformed the landscape by allowing gambling on mobile phones. The real impact, or potential, so to speak, was felt during the Super Bowl, which is massive. Roughly a quarter of the nation’s mobile bets came from this region alone. New York’s mobile sports betting operators earned nearly $113 million in profits, after accounting for prize money and other rewards. The overall revenues were pegged at USD 1.62 million. This overall figure is taxed at 51% in New York. While the region tops the charts, analysts predict a slight dip from the end of March as a number of sporting events people wager on draw to a close.

New York sports betting tax

It’s a misconception that sports bettors who win big money actually get “bonus money”, because the earnings through prize money is subject to tax as well. Mobile sports bets winnings can be taxed up to 24%. In New York, this amount varies depending on how much money has been won. Earnings upto $8500 attract a state tax of 4%. Winning totals of $250,000 and above attract a flat 10.9% tax. Over and above this, residents of New York City are taxed an additional component.

For a full lowdown on gambling income and losses, visit the IRS page on gambling income.

Online sportsbooks and their finances since NY sports betting became legal

For all the surge we have seen in betting across multiple platforms, the share prices of leading sports betting companies have seen a downward spiral. This has raised questions over the sustainability of the business over a long term. Experts, however, remain unperturbed. Over the past 12 months, DraftKings shares have tumbled over 70%. Shares of Flutter Entertainment, the parent company that owns FanDuel sportsbook, are down nearly 50%, while Caesars sportsbook’s parent company has lost its value by 5%.

All the big players have spent so aggressively that they have drained much of their cash. In 2021, two of the leading players – Flutter and DraftKings – are estimated to have spent a combined $1.85 billion on marketing, promotional spends, advertising, regulatory filings and other campaigns.

Experts remain bullish on the long-term prospects of these big players despite such massive spends, but a rebound could take a two or three-year period. At some point in the future, operators of online sports betting in New York will cut down on advertising expenses without trying to lose their customer base. Experts predict share prices of DraftKings to rise by $35 a share over the next 13 months, while Caesars sportsbook’s parent company is estimated to grow to $109 a share.

Betting companies are also heeding to a call from Wall Street to minimize their costs, the first big step towards profitability. Caesars Entertainment CEO Tom Reeg is believed to have impressed upon this at an earning call recently. He has expressed a desire for the company to pull back on advertising. What this means is TV and web users online will perhaps see fewer spots of ads reserved for casino players. This is perhaps part of a bigger plan by big organizations to cut down on media spends. A part of the reason is perhaps because these big players may have achieved their early objectives.

When did New York legalize betting?

States began legalizing online sports betting after a U.S Supreme Court ruling in 2018 struck down a federal law that put a blanket ban on gambling on football, basketball, baseball and other sports. For the record, in-person sports betting has been legal in New York since 2013, but legal sports betting online is massive for multiple reasons.

It eliminates people placing illegal bets. It prevents potential hoarding of cash by illegal middlemen. People can now gamble freely without breaking the law. This new amendment could also coax lawmakers, especially in Texas and California – two hugely populous states – who could rival New York when it comes to sheer betting volumes. While online sports betting isn’t legal there just yet, who knows, a final approval may just be around the corner.

Online sports gambling NY: What the government thinks

New York state lawmakers and then governor Andrew Cuomo cleared the way for mobile wagering in April 2021 when they included it as part of the state budget. This move played out the way it did because those with major gambling interests had been lobbying for it actively for years.

The first sign of a churn came about in 2019 when New York allowed the state’s private and native-run casinos to begin taking sports bets. And finally, in April 2021, Cuomo and lawmakers incorporated legal online sports betting in the state’s $212 billion spending plans.

It is simple: money was the sole motive of the state’s policymakers to embrace the new. With the states implementing a 51% tax on gross revenues for NY sportsbooks, it offers excellent bouncebackablity from the lull of the Covid times. This rate, however, is expected to come down with some amendments in the near future, so make sure you bookmark this page for the next NY sports betting update.

NY mobile sports betting is legal – but where else?

As of December, more than two dozen states have already legalized online sports betting, and several allow only in-person gambling. U.S. gambling companies are believed to have generated about $3.25-3.3 billion in total revenue from sports betting in 2021. Around 20% of this revenue came from New Jersey alone, which is the most for any state. The region legalized mobile sports betting in 2018. Investors are now counting on a wagering surge as states including California and Texas prepare to vote on legal online sports betting. The annual U.S. gambling revenue may grow to nearly $17 billion over the next three years.

New York sports betting age

You will have to be 21-years-old and physically present in New York to be to do online sports betting via any of the NY sportsbooks that are licensed to operate in New York. All NY licensed sportsbooks can be accessed via either their websites or their mobile apps for iOS and Android devices, which allow you to play via your mobile device.

Online sports betting NY vs in-person betting: What are the advantages?

Think of any service that has moved online in the past and all the benefits that have come with it. The same applies to online sports gambling NY. The inconvenience of going to a physical betting store is fairly obvious. But with it come the hassles of payment methods, the variety of bets and sports available, and the lack of any real incentives in the form of bonus codes and promos.

Advantages of online NY sportsbooks:

• Available around the clock
• Massive range and types of betting options
• Live and in-play betting possible with a couple of clicks
• A wide range of betting promo codes and sign-up bonuses

Best online sportsbook New York

We must insert a caveat here: there are many different ways of judging which sportsbook is the best for you, and the result differs from person to person. So take in the information below and make a strong judgement for yourself. The same case applies for the best sports betting app NY has to offer. We have done specific, in-depth reviews for all the NY sportsbooks that you can find linked below. So use the resources here to figure out the best that the world of online sports gambling NY offers.

Caesars sportsbook

Rating: 4.7/5 What we like about the New York Caesars Sportsbook

• Wide range of sports available to bet on
• Impressive variety of bets
• One of the most-attractive welcome bonuses and rewards
• Responsible gambling advocacy
• Multiple payment options

What could improve about New York Caesars Sportsbook

• A more seamless customer service experience
• Some parts of the live betting component, such as offering users the chance to create in-play parlay bets
• Offer more markets on some of the lesser popular sports such as table tennis

Caesars sportsbook are the early pace-setters in New York, handling over $615 million worth of bets in its first four weeks. These have amounted to revenues around $56 million.

The Caesars brand took over the William Hill online sportsbook in 2021 and they have grown from strength to strength since, adding the glamour element to sports betting. Caesar’s eye-catching promos for new and existing customers are among the most enticing. Their choice of deposit and withdrawal options are also user-friendly and unparalleled. They give New York sports bettors a fantastic user experience across platforms.

DraftKings sportsbook

Rating: 4.7/5 What we like about Draftkings sportsbook NY

• Solid user ratings on both iOS and Android playstores
• Beginner-friendly website design and logic
• Responsible gambling resources prominently featured

What could improve about Draftkings sportsbook NY

• The mobile sports betting app is nor the fastest around
• Withdrawal processing times are not optimal

DraftKings is among the NY sportsbooks that offers special New York sports betting promos for new players. This includes, for example, a “special March Madness offer.”

They launched on the first day of legal sports betting in the Empire State along three other bookmakers. Their mobile app also provides a personalized bets screen that makes the overall experience intuitive.

How does it help? You will be able to see the top suggested odds and bets based on your history and preferences, rather than seeing what is the hottest market or odds for all DraftKings customers. They also provide the same mobile app in all states, which is a massive advantage for the sake of uniformity. This is in stark contrast to other bookies that offer additional apps for each state they are legal in. This is a solid plus from us in the hunt for the best NY mobile sports betting experience.

Their welcome offer is one of their most attractive propositions. It consists of a $1000 deposit match plus $50 bonus credits. The main deposit bonus is gradually unlocked, based on how much you wager on the platform until you receive a maximum of a $1000 matched deposit. You will also receive a $50 bonus wager following your first deposit, which you can use on any sport or market.

FanDuel sportsbook

Rating: 4.8/5 What we like about FanDuel sportsbook NY

• Backing of the world’s largest gambling company
• One of the highest rated apps
• Elegant and logical interface

What could improve about FanDuel sportsbook NY

• Withdrawals are not always smooth
• Welcome bonus details not always clear

FanDuel initially started in the fantasy sports arena, but have quickly established themselves as one of the most popular online sports betting sites in every state where they are live. Their specialty lies in offering different options: live betting, pre-match and futures options. Their parlay betting section is believed to be one of the best in the market, the most attractive component being the same-game parlay which is the best going around, and has surged in popularity. FanDuel sportsbook also rewards loyalty, in that repeat players get some of the best offers you will ever find in the market.

BetMGM sportsbook

Rating: 4.6/5 What we like about BetMGM NY sportsbook

• Easy navigation on website and app
• Wide range of sports to bet on
• Several deposit and withdrawal methods
• Tremendous value with boosted parlays
• Excellent promos and bonuses
• Integration with M Life Rewards

What could improve about BetMGM NY sportsbook

• Live chat feature to become more prominent
• Faster withdrawals

BetMGM has a solid interface and exciting game options, but isn’t as popular as the first two. Both the desktop and mobile web offer a wholesome experience with their UI/UX being a standout. BetMGM also offers an outstanding experience on their app, which is definitely up there with the best sports betting app NY offers, both on android and iOS.

They provide a strong range of sports to bet on with the variety of markets you’ll find as good as any US online sportsbook. Like FanDuel, they have some NY promos to keep existing customers coming back to their site too.

PointsBet sportsbook

Rating: 4.7/5 What we like about PointsBet sportsbook

• Ruffles some feathers in the New York sports betting scene with the PointsBetting feature
• Classy interface
• Quick withdrawal processing
• Streaming partnership with NBC sports
• Easy to access PointsBet promo code

What could improve about PointsBet sportsbook

• Ease of finding sports through navigation could improve
• Not many banking options for deposits and witdrawals
• Helpline for a gambling problem needs to be more prominent

PointsBet New York is one of our favorites because of their boldness. They’re the only ones to offer a brand new format, called PointsBetting, a high-risk high-reward format which rewards (or penalizes) you by multiplying your stake with the amount of points over or under the score that you bet. It completely eliminates traditional odds-based betting.

Apart from that, if offers one of the more classy interfaces, has a streaming partnership with NBC sports, has ongoing promo codes throughout the year, and lets you withdraw your money quicker than most NY sportsbooks.

BetRivers sportsbook

Rating: 4.4/5 What we like about BetRivers sportsbook

• Easy user experience
• Responsible gambling resources are easy to find
• Can be a stepping stone for new sports bettors

What could improve about BetRivers sportsbook

• The interface design could be a touch more modern
• The withdrawal methods could increase
• The loyalty rewards program is too demanding

BetRivers started off as an online casino, but have now expanded to offer their NY sportsbook, which provides a fantastic experience for New York bettors. Their sign-up offer is enticing. Their primary core business comes from their mobile app, which is one of the best in the sports betting industry, with live streaming and in-play wagering available. Since launching in 2020, they’ve proven already to be an excellent choice for new bettors.