Experts Predict New York’s Sports Betting Decline In 2023

New York’s mobile sports betting market opened in early 2022, beating everyone’s expectations by accumulating more than $13 billion in betting activity since its launch. However, some experts in the industry predict that the digital sector will not be able to replicate this year’s results with.

The local online market was launched in January 2022 and allows a total of nine digital sports books in Empire State to offer legitimate sports betting. But entry into this market is costly, as states tax 51% of total gaming revenue. There have been calls for lower tax rates, but it remains to be seen whether lawmakers agree.

Next year’s month is expected to fall slightly short of the 2022 total, resulting in a total of $13.9 billion in bets in 2023. And it is expected to earn $1.04 billion in GGR based on an average 7.5% holding of sports books. And tax revenues are also expected to fall to about $530 million in 2023, along with revenue declines.

Prior to the market launch, there was a forecast that the volume would decrease by the end of 2022. 릴게임사이트 There were also concerns that sportsbooks might not offer as much promotions and bonuses in the state as in other jurisdictions. This was a legitimate concern because of the nation’s highest tax rate of 51 percent.

But at the start of the market, sportsbooks were launched with huge risk-free or subscription offers for bets. Because of this, operations and handling in the first few months were greatly increased by promotions and bonuses. But since then, the market has normalized, and because of tax rates, the nine operators don’t currently rely on such big bonuses.

It should be noted that the introduction of the online market has also affected retail sports betting. Currently, the state’s sports betting market is dominated by the online sector, which accounts for 98.3% of the state’s total bets on sports. However, since the state is in the process of awarding three additional Downstate Casino licenses, track-based sports books will receive some activation.

In early December, a bill aimed at predatory sports betting bonuses was proposed by state Senator Pete Hakam (D-Lewisborough). If the bill is passed, the New York State Game Commission will order it to present new rules and regulations to deal with that bonus. Currently, the bill has no co-sponsor in Congress and is on the Senate Rules Committee.

On this issue, Senator Joe Adabo said he would convene a meeting with Harkham, J. Gary Fritlow, a member of the Assembly Racing and Betting Committee, and leaders in the field of addiction. The next meeting in the Senate in January 2023 will then discuss potential rule changes for operators.

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