Study highlights potential of New York sports betting market
The report, which models various sports betting scenarios in the state, will influence how the state moves forward with sports betting.
US.- A study conducted by Spectrum Gaming Group has found that retail and online sports betting in the state of New York could generate between $816m and $1.41bn in annual revenue.
The report, commissioned by the New York State Gaming Commission in 2019, will impact the state’s decisions on how to move forward with its legal sports betting market.
It outlines different potential scenarios for the legal sports betting market in the state, providing a model for different size markets within three to five years after legalisation.
Different scenarios include sticking to the current system of in-person sports betting, adding off-track betting and video lottery terminals, and factoring in digital betting, either in commercial casinos alone or in tribal casinos as well.
However, the study does not cover the model endorsed by Governor Andrew Cuomo, in which providers would be selected through a request for proposal similar to in New Hampshire.
Governor Cuomo has now publicly advocated legal sports betting after long pushing against it. His switch in opinion could be a bid to generate extra income for the state as the Covid-19 drains state coffers.
