Press Releases
Online Sports Betting Could Bring In $900M Annually In New York According to NYSportsDay.com
Online sports betting legalization could yield as much as $900 million in annual revenue, and $108 million in tax revenue for the state of New York, according to NY Sports Day projections.
New York stands to become one of the largest US markets for legal online sports betting, pending the passage of NY State Senate Bill 17D. The bill would authorize each of New York’s seven retail casinos to operate a mobile sportsbook.
Online sports betting could make it onto a proposed revenue enhancement bill, which lawmakers are expected to discuss in an upcoming special session about the New York state budget.
Proposed Bill Would Tax Online Sports Betting at 12%
Senate Bill 17D proposes a 12% state tax on mobile sports betting revenue, as well as a one-time $12 million licensing fee paid by each operator. Those products could earn as much as $900 million in annual revenue.
The 12% tax on that revenue would yield $108 million in taxes for the state. New York would also take in $84 million in licensing fees.
“New York has a chance to become the biggest mobile sports betting hub in the US,” said Geoff Fisk, analyst for NY Sports Day. “New Jersey holds that position right now, and some of that comes from New York bettors traveling to New Jersey to place a legal wager.”
“If New York legalizes online sports betting, the revenue that’s going to New Jersey stays in New York. Considering tourism and state population, New York could host the most lucrative mobile sports betting industry in the country.”
New Jersey online sportsbooks brought in a record $668 million in betting handle in August 2020.
More Skins Could Make New York Sports Betting a Billion-Dollar Industry
If state laws allowed for two skins per operator, NY Sports Day projects that the expanded market could result in $1.3 billion in annual revenue for the state’s online sports betting industry. The state would bring in $156 million in tax revenue yearly, and a total of $168 million in licensing fees from 14 skins.
“All seven New York casinos have sportsbook partnerships in place, so those seven brands are locked in if online sports betting gets the green light,” Fisk said. “DraftKings and FanDuel already have a place in the New York market.”
“Expanding to two or more skins per operator, however, could include brands like Barstool and PointsBet. The sports betting market would thrive with 14 or more brands in competition.”
SOURCE NYSportsDay.com
Latest News
THE UNIT TO STEP UP EXPANSION PLANS WITH OPENING OF NEW YORK CITY OFFICE
The Unit aims to grow its presence in the Americas with move to new Manhattan location in January 2025 at Bank of Irelandâs NYC Hub
The Unit, a leader in product design and development for sports betting and iGaming, will proudly open its new office in New York City, as part of its long-term global expansion objectives, in January 2025.
The Americas division was established in 2023 with the launch of The Unitâs partnership with online operator PlayStar Casino. The New York City office, located in the heart of Manhattan, will now be the hub for The Unitâs activity in the Americas.
This new base will be located at Bank of Irelandâs NYC Hub, which was launched to help Irish business owners expand their North American operations. The offices at 2 Grand Central Tower are a great asset to Irish companies aiming to expand their operations in the United States and beyond. This is an ideal location for The Unit to grow its footprint in the region.
The project will be put into practice by The Unitâs Head of Business Development & Account Management Mark OâHare, who has relocated to New York and will be responsible for The Unitâs commercial growth in the region.
With product and development teams in Ireland and Moldova, the addition of an American hub is further proof The Unit holds an unwavering commitment to becoming the partner of choice, on a global scale, throughout the industry.
Paddy Casey, Co-founder at The Unit, said: âThese are exciting times for The Unit, and with plans in place to exponentially grow our presence in the Americas across the next few years, the start of 2025 will be the perfect time for us to move into one of the most vibrant cities in the world.
âThis will be the ideal addition to our existing bases in Ireland and Moldova. The flexible workspace the hub can provide will be integral to our plans and will give us the opportunity to grow the team.
âThis is an excellent opportunity for us to touch base with clients in the Americas and strategise further launches. Weâre looking forward to mapping out our future in the region with our team on the ground there.
âI would like to thank Mark OâHare for making the move to New York, and Iâm sure both he and his team will have the skills and experience to execute our vision for the Americas division across the long-term.â
Tania Sheikh, Manager of NYC Hub for Bank of Ireland, said: “We are very pleased to welcome The Unit to the NYC Hub. The facilities we can provide have helped businesses scale up and connect with their partners, and we are proud to offer that opportunity to The Unit.
âWe look forward to hosting The Unit and wish them well in their endeavors to grow their business here.â
The Unit has solidified its strong track record of building world-class, scalable and efficient products for the sports betting and iGaming sector in recent years.
As The Unit embarks on this exciting period of growth, the company remains committed to delivering exceptional products and services to its clients. With its experienced team, best-in-class product development capabilities, and focus on innovation, The Unit is poised to shape the future of the sports betting and iGaming industries.
Latest News
Golden Matrix Group to Participate in the 2025 ICR Conference
Golden Matrix Group Inc., a developer and licensor of online gaming platforms, systems, and gaming content, today announced that management will participate in the 2025 ICR Conference on January 13-15, 2025 at the Grande Lakes Resort in Orlando, FL.
Zoran Milosevic, Chief Executive Officer of Meridianbet, will participate in a fireside chat with an equity research analyst on Monday, January 13, 2025, at 2:30 PM ET and will also be available for meetings during the conference.
Canada
Be #GiftSmart: Scratch the Idea of Gifting Scratch & Win Tickets to Kids
BCLC reminds adults to gift responsibly this holiday season
With the holiday season in full swing, BCLC is reminding British Columbians to gift responsibly and scratch lottery products from their shopping lists for kids.
âScratch & Win tickets can make great stocking stuffers for the adults in your life, but theyâre not for kids,â said Ryan McCarthy, BCLCâs Director of Player Health. âThe research shows that children who have early encounters with gambling are four times more likely to develop riskier gambling behaviour as they grow up. While people are out shopping for those last-minute gifts, BCLC wants adults to be aware of the potential risks associated with gifting lottery products to children and to consider safer alternatives.â
While Scratch & Win tickets are among the most common ways kids can be introduced to gambling, children are increasingly exposed to various online forms, such as gambling streams.
âWith the convergence of gaming and gambling, youth are becoming more exposed to gambling content in online spaces like streaming sites, where creators are able to live-stream their own gambling, usually while playing online slots and instant games,â said Dr. Luke Clark, Director for Gambling Research at UBC. âOur research at the UBC Centre for Gambling shows that a higher frequency of watching online gambling streams is associated with a more positive attitude towards gambling and a high intention to gamble in the future.â
In B.C., it is illegal to sell lottery products to anyone under the age of 19 and BCLC encourages adults to have conversations with the kids in their lives about the risks associated with gambling.
âOpen and honest conversations are crucial when it comes to navigating childhood exposure to gambling,â said McCarthy, who shared the following tips to adults:
- Monitor for gambling-related lifestyle changes. For example, developing a positive attitude towards gambling or a preoccupation with video games or streaming sites.
- Be a positive role model. Exhibit safer gambling behaviour and talk about the risks.
- Limit exposure. Monitor kidsâ online activities and discourage engagement with gambling content. Explain how gambling is based on chance.
-
Gambling in the USA5 days ago
Industry veteran joins North American operator as chief interactive gaming officer to drive growth in iCasino states and efficiencies in its online sportsbook
-
Canada7 days ago
Jackpot Digital Receives Approval from AGCO as a Registered Gaming Supplier
-
awards7 days ago
Yaamavaâ Resort & Casino at San Manuel Named #1 Best Overall Casino Outside of Las Vegas and #1 Best Native American Casino in 2024 Newsweek Readersâ Choice Awards
-
Latest News6 days ago
SBC Summit Rio to welcome EDM legend Afrojack as INFINITY headliner, supported by Brazilâs Dubdogz
-
Latest News7 days ago
SPGA Introduces Code of Conduct to Highlight Member Commitment to Compliance and Safety in Social and Promotional Gaming
-
Compliance Updates7 days ago
TaDa Gaming Celebrates Further Brazilian Certification Across its Portfolio
-
Gaming3 days ago
10-15% Of Gamers In Florida Show Signs Of Gaming Addiction: Here Are 10 Signs Your Kid Is Suffering From It (And How You Can Help)
-
Compliance Updates7 days ago
Delasport Now GLI-Certified for Sports Betting in Brazil