Bally's Now Live In the Empire State, Governor Touts Success

Without much fanfare, Bally Bet New York Sportsbook went live on Thursday, becoming the ninth mobile app available for bettors to use statewide.

After NY gaming regulators gave nine online bookmakers the authority to operate, four went live on the Jan. 8 start date. Those were FanDuel, Caesars, DraftKings and BetRivers. By March 3, four others were in operation — BetMGM, PointsBet, WynnBET and Resorts World. Bally was expected to launch in the spring but pushed its start date back to July 7. 

The app, operated by the Rhode Island-based operator is also is live in Virginia, Indiana, Iowa, Colorado and Arizona. In addition, it’s one of 12 online bookmakers authorized to operate in Tennessee, but it is not yet operational there. Tennessee is a mobile-only state, with no brick-and-mortar casinos or sportsbooks.

Record Revenue

From the Jan. 8 New York online sports betting launch through July 3, the first eight online bookmakers operating in the state accepted a record $8.64 billion in bets, generating $312.5 million in tax revenue.

Three of the eight have a handle of more than $1 billion. These are FanDuel ($3.4 billion), DraftKings ($2.1 billion) and Caesars ($1.8 billion).

On Friday, Gov. Kathy Hochul, a Democrat, noted that the state “has far surpassed” every other state in tax revenue from mobile sports betting with the money going to education, youth sports and responsible gaming programs.

The state’s 51% tax rate on mobile wagering revenue is the highest in the nation, along with New Hampshire’s. 

“In just six months, New York has become a leader among states in implementing successful gaming policies, with hundreds of millions of dollars going to important programs that will improve the lives of all New Yorkers,” Hochul said.

This is the nation’s fourth most populous state, with more than 19.3 million people, but has a larger population than any other state with legal sports betting. 

Sports betting does not occur legally in the three states with larger populations — California, Texas and Florida.

iGaming ‘Inevitable’ In the State

This state’s success with mobile sports betting might result in an expansion into other online gambling opportunities. State Sen. Joseph P. Addabbo Jr., D-Queens, recently told Gambling.com that legal iGaming “is inevitable” in New York. iGaming would allow bettors to use their cellphones and computers to play slots, blackjack, craps and other Las Vegas-style casino games for money.

Addabbo is chairman of the state Senate Racing, Gaming and Wagering Committee. The senator predicted iGaming will bring in more revenue than sports betting. “iGaming is where the real money is,” he said.

Source: Read Full Article