Will New York Launch Online Poker, Slots & Other Casino Games? – The Action Network

Starting at 9 a.m. ET on Saturday, youll be able to make online wagers on sports in New York.

Four sportsbooks will launch tomorrow FanDuel, DraftKings, Caesars and BetRivers. New York will become the most populous state to host mobile sports betting.

If you pre-register before Saturday, youll receive $100 each in free bets at FanDuel and DraftKings. There will be plenty of post-registration promotions for first-time users, too.

Five other sportsbooks have been approved to hold bets in New York but have yet to launch PointsBet, BetMGM, Resorts World, BallyBet and WynnBet. Theyre expected to launch in the next few weeks.

But Saturdays launch will not include iGaming things like online blackjack, roulette, poker and other casino games. The legislation signed late last year only allows online sports betting.

Its bad news for the sportsbooks involved. Typically, casinos make more money and much higher margins on table games than they do on sports betting.

In Nevada, in-person casinos reported that sports gambling made up just 10% of their revenue last November despite a full month of the NFL, NBA, NHL, Premier League, Champions League and UFC.

While sports gambling accounted for $72 million in net revenue across Nevada casinos that month, blackjack accounted for almost $125 million, while penny slots generated over $328 million in profits.

In addition, each sportsbook will have to pay an inflated 51% tax on all profits to the state of New York. Thats encouraging news to New York residents, who will see educational and social services among other sectors receive a buoy due to the increase in tax revenue.

For reference, sportsbooks in New Jersey only have to pay roughly 13% in taxes.

This is all to say that its in these sportsbooks best interests to help introduce new legislation that allows for mobile table games and slots in New York.

The door is open for that possibility, but theres no firm timeline. Fortunately, there arent as many hurdles as in some other states.

Gaming attorney Daniel Wallach highlighted why in a tweet in Dec. 2020 New York does not need a constitutional amendment for iGaming if operator servers are at casinos. Thats how it works in New Jersey, which launched iGaming in 2013.

New York lawmakers will likely see the potential of iGaming soon. Bettors lose far more from these online table games than they do at sports gambling.

Theres more overhead involved in sports betting, and its harder for customers to lose their money as quickly as you can at a Baccarat table or slot machine.

As a result, the state of New York and sportsbooks would make a whole lot more money should mobile casino games be legalized. But there would be activist groups and politicians that push back on behalf of the public.

In the meantime, mobile sports gambling alone will make New York plenty of money, which will then be reallocated to the people through governmental services.

New York has roughly 2.1x the population of New Jersey the state that generates the highest betting volume per month. In October, $1.3 billion was wagered in N.J.

Overall, New Jersey has generated nearly $200 million in tax revenue since legalization in 2018. Its generated almost $700M from iGaming since launching in 2013.

The Action Network ran an analysis that showed New York has missed out on about $1 billion in tax revenue by not legalizing sports betting when New Jersey did in 2018.

Industry experts estimate that roughly 20% of New Jerseys sports betting handle is from bettors from New York who migrate to make wagers.

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Will New York Launch Online Poker, Slots & Other Casino Games? - The Action Network