The proliferation of legalized sports betting across the country is such that, at times, it becomes difficult to keep up.
Over the past four years, since the repeal of PASPA, 35 states as well as Washington DC have authorized regulated wagering. That obviously includes New York, which has seen record-breaking numbers within its first nine months of existence of online NY sports betting.
But just how much as legalized sports betting grown? According to a survey from Pew Research Center, nearly one in five adults in the US have wagered on sports over the past 12 months, whether with friends or family, in person at a casino or other gambling facility, or online with a betting app.
Those numbers will surely increase. In fact, they may already have. After all, especially in New York, sports betting continues to grow at a rapid pace.
More bets occur with friends than via online sportsbooks
Even with states continuing to legalize and launch online sportsbooks, respondents of the Pew Research Center survey indicate that betting apps are not the most common vehicle with which to wager.
According to the Pew Research survey, conducted July 5-17 among 6,034 adults, 15% said they bet money with friends or family within the past 12 months. That includes casual wagers as well as private betting pools and fantasy leagues. Some 8% of respondents indicated they bet on sports in person at casinos, racetracks or self-service kiosks. And just 6% used online sportsbooks.
Combined, 19% of adults have bet money on sports within the past year. Compare this with the 56% of adults who said they are aware that sports betting is legal in many states across the country.
As for acceptance of the industry, 57% of respondents indicated that sports betting becoming legal is neither good nor bad for society. Some 34% said it was bad, while only 8% indicated the practice was good for society.
How does this pertain to NY sports betting?
When it comes to the New York sports betting industry, this type of trend doesn’t seem to apply.
Since NY online sportsbooks launched in January, over 98% of bets have come via betting apps. Certainly the location of the four upstate commercial casinos has that affect.
When the three downstate NY casinos open next year, that ratio may narrow just a tad. But online NY sports betting has certainly taken the state by storm.
After a $1.2 billion September, online sports betting in New York has reported nearly $11.5 billion in bets for the highest handle in a calendar year among US jurisdictions with legal sports betting. With three months left in 2022.
What’s more, prior to NY sports betting going online in January, and after the repeal of PASPA, New Jersey and Nevada topped $1 billion in monthly handle three times apiece. This year alone, New York has topped that mark seven times.
We’ll see how the rest of 2022 plays out, what with limited promotional spending because of the steep tax rate. And we will see where we stand a year from now. New York sports betting has plateaued of late. But it appears as if online sportsbooks in New York will continue to dominate the legal sports betting industry in the Empire State. For years to come.
