By now, everyone in the sports betting business knows how complex the laws are in the US. After all, sports betting policy will vary each state – if states will even allow sports betting in their areas. Pay Per Head news outlets constantly provide updates on each states’ development in terms of gambling regulation and implementation. New York Sports Betting, for instance, can be a bit complex – both with legislation and actual gambling.
Currently, there are around 14 states that allow sports betting. But less than a handful of these states offer online sports betting. These states have the advantage of being the first in their region to allow sports betting. They also enjoy the additional revenues they get from residents from neighboring states traveling to place sports wagers.
New York Sports Betting
But not all betting markets are created equal, and there is none more glaringly obvious than the case of New York and New Jersey. Here are the facts: New York has four casinos that offer sports betting. There are no online sports betting measures. New Jersey offers sports betting in casinos, as well as through online sports betting sites and apps.
Granted, New York is a younger industry, compared to New Jersey, who launched sports betting last year. So far, New York has around $6 million in revenues. New Jersey has around $284.6 million. But even though New York has launched sports betting for a few months already, its residents are still jumping over to New Jersey to place bets. Why is this happening?
The main reason is convenience. While you will have to cross state borders to get to New Jersey, it could only be one train ride for New Yorkers. These New Yorkers may not even need to leave the train station to place bets. Because of mobile wagering, New Yorkers can travel to nearby New Jersey, go for a snack and place a wager, and commute back to New York easily. It will be a bit of travel, but not as hard as going upstate.
New Jersey’s Advantage
This is a more popular option compared to having to drive or commute to upstate New York to visit the casinos that offer sports betting. Your average, sports betting New Yorker will have to make more than 1 train hop to get to these casinos, and they have to physically be there to place wagers, win, and collect their money.
Are you seeing the problem here? New York’s betting law makes it very inconvenient for people to place bets that its easier for them to cross over to New Jersey and do it there. New Jersey started with just physical sportsbooks, but eventually adapted to capture a growing market of online sports bettors. Currently, over 80% of wagers in New Jersey come from mobile and online gambling software. This is a lesson for states to seriously consider their policies, and to be as competitive as they can, especially if they want to cash in n taxing sports betting revenue,