The sportsbook and casino industry in New York has developed into a highly successful, billion-dollar industry over the years. While sports betting and casino gaming has always been available, they were not easily accessible until this year, where online sports betting was finally allowed by the state. Now, New Yorkers can simply use sportsbook software to view the latest betting options, place their bets, and withdraw their winning. But the state is quite willing to explore even more aspects of gambling.
Of course, one of the advantages of using a pay per head sportsbook is that you bring your products straight to your players. The convenience that online sports betting offers cannot be beat. However, some residents may still want the physical process of betting on sports, or on playing casino games. Which is why we may see Las Vegas-style casinos in the state, New York City in particular.
Sportsbook and Casino Industry in New York
Some operators are actually quite ready to offer casino games in addition to their slots games in retail areas. This could bring retail gambling to the people as early as a year. This is quite fast since building brick-and-mortar casino can take around 4-5 years to build and open. What could happen, is to allow current gambling areas to expand their operations to allow for table games, and still add more along the year. This can provide a huge boost in gambling revenue.
As for sports betting, the one-billion-a-month industry will remain as it is. However, many in the industry are hoping for a lower tax rate on sports betting in the state. New York offers one of the highest tax rates for sports betting at 51% of revenue. Lawmakers would like more time to see the betting market longer, at least see the baseball and football season before opening any additional discussions on lowering the tax rate. Observing how sports betting in New York unfolds throughout a full calendar year will provide them with a more complete picture and more insights into the industry.