Campaigners hoping to push through legislation to allow sports betting in states across the U.S. have been able to use case studies of success stories from across the country.
Since the PASPA (Professional and Amateur Sports Protection Act) was overturned by the Supreme Court in 2018, states have had the autonomy to decide their own fate in terms of which, if any, betting markets will be allowed.
New York State made the decision in April of 2021 to launch legal online sports betting operations, BetRivers and Caesars Sportsbooks launched on January 8th, 2022, with other competitors entering the market soon after.
With such a variety available to them, New York consumers are able to shop around for the best sports betting markets available.
Those looking to place wagers on casino games still have to explore offshore operators for the best payout casinos which come with fast withdrawals, bigger bonuses, and, often accept cryptocurrency. However, the success of the sports betting industry could pave the way for more regulatory changes.
New York State has seen many benefits from revenue streams directly generated by the industry, and the Hudson Valley is also benefiting from the industry.
Physical sports betting operations in the area have had a positive impact on local businesses due to an increase in footfall. This is especially beneficial to the hospitality industry with hotels, restaurants, and bars all benefiting from increased visitor numbers.
This increase in visitor numbers and increased tourism has been a huge boost to the HVEDC (Hudson Valley Economic Development Corporation) in enticing new businesses to set up in the area.
The state has seen record-breaking revenue figures, exceeding $200 million in GGR (gross gaming revenue) for the month of May. The total figure of $203.3 million is a 33% year-on-year increase on 2023’s figures for May.
May’s betting handle showed an even bigger year-on-year increase of 45.9%, rising to $1.97 billion.
New York’s sports betting growth has seen its market grow beyond neighboring New Jersey, a more established market, proving its worth. Accounting for 37% of the sports betting tax in America, the state is now the largest contributor.
Continued success for New York-based sports teams will help the sports betting revenue in the area, and May’s figures benefitted from the New York Rangers and New York Knicks playing in their respective playoffs.
Legislators will be keen to explore other markets off the back of the success of sports betting in the state. The lost revenue that is going to offshore and crypto gambling sites could be funneled back into local communities and help to improve infrastructure for local businesses along the Hudson Valley and beyond.
Legalizing additional betting markets in New York State will also give lawmakers greater control that can help to protect vulnerable consumers. While many offshore betting sites are licensed in other jurisdictions, local regulators are unable to step in and solve disputes or hold operators to certain standards.
One thing’s for sure, the continued success of online sports betting is having a positive effect on businesses in the Hudson Valley and is a welcome boost to the economy.
