#Epir se move and yet it moves free
However, they didn't anticipate the New York finance types who would open accounts on different apps and take both sides of the bet with free money! Finance people are always looking for the "arb". Since the odds always favor the house taking your money away in the long term, they are giving cash away in the hope of getting you to stick around. Source: this is a lot of money to give away, these companies are betting that new players will get hooked. Take a look at this one from the Caesars (CZR) Sportsbook. In the quest for first-mover advantage on market share, gaming companies are offering unprecedented promotions to lure New York sports fans onto their apps. It's no surprise that a wide-open field in a market with so much potential has led to a serious land grab.
but New York has twice the population of New Jersey. The current title holder for the largest sports betting market as measured by gross gaming revenue is its neighbor New Jersey. Also, with more bettors on board, liquidity tends to be better and gaming lines tighter – leading to a better user experience. Online sports betting has been legalized only on a state-by-state basis, and all betting apps function on an intra-state basis only – meaning that bets can only be pooled and netted among players within state lines.īecause the fixed costs to run a sports betting operation are basically the same whether you can market it to 2 million or 20 million people, states with big populations hold the most potential for gaming companies. Its large, highly paid population in combination with an avid sports culture makes New York a great candidate for taking the reins as the largest sports betting market in the U.S.Īs a reminder, sports betting isn't legalized on a national basis. (If you're reading from elsewhere, don't get too jealous until you also see what the rent is around here!) And when you look at per capita income in the New York City Metro area (which also includes parts of New Jersey), it soars to well more than 100% of the national average. Per capita income in New York state is about 15% higher than the national average. and the gaming companies have been salivating over the potential of the New York market. Suffice to say, sports engagement in New York is high. Open, and one of the Triple Crown horse races, the Belmont Stakes.īecause of the lucrative nature of the New York advertising market and long and storied franchise histories, the Yankees, Knicks, and Giants consistently appear near the top of global rankings of the most valuable sports teams. New York also hosts the biggest American event in tennis, the U.S. Looking upstate adds another NFL team (Bills) and another NHL team (Sabres).
#Epir se move and yet it moves professional
Not only is New York the fourth most populous state with more than 19 million residents, but there are also so many professional sports teams in the greater New York metro area to bet on, including two NFL teams (Giants and Jets), two NBA teams (Knicks and Nets), two MLB teams (Yankees and Mets), and three NHL teams (Rangers, Islanders, and Devils). This was a highly anticipated event for gaming companies because of the huge potential of the market.
On January 8, legalized online sports betting launched in New York.