New York has the potential to be the largest betting market in the country. Online sports betting is now legal in New York State. Initially, Governor Andrew Cuomo opposed its legalization. But as other states like New Jersey, Illinois, and Michigan have legalized it in the last few years, Cuomo began to change his tune. Before the new law, you could gamble in New York, but only at licensed casinos. Now, you’ll be able to place bets from your computer or mobile devices as long as you are physically in the state.
Younger generations are changing the stigma
The stigma around sports gambling seems to be changing with the younger generations. Instead of viewing it as a toxic practice, younger sports fans use sports betting to enhance their viewing experience: You care more about the game if you have money on the line.
On top of that, if you do some digging and take a responsible approach, there is potential for making a decent profit. That being said, roughly 95% of gamblers end up losing money. It should not be relied on as a solid way to make money.
Why the sudden change?
Governor Cuomo started revising his stance on legalized online sports betting in January 2021 when facing a $15 billion budget shortfall. The state of New York is trying to boost tax revenue from legalized sportsbooks and could pull in up to $99 million by the end of the fiscal year.
With the new bill, popular sports betting platforms will be bidding for licenses in the New York State. Being from New Jersey, I advise New Yorkers to start getting used to seeing Draftkings and FanDuel advertisements. Several more states are projected to follow New York and the 19 other states that have legalized mobile sports betting. North Carolina, Maryland, Louisiana and South Dakota seem to be next in line.
Always beware of marketing ploys on sports betting apps. Here’s why.