A survey was recently conducted by YouGov Plc, looking into New York’s mobile sports betting landscape before its incoming debut. The findings indicate that over 30% of locals will engage in the activity. Read on for more insight into the market outlook.
As the launch date for New York’s regulated mobile sports betting edges closer, industry insiders are going to the grassroots to try and measure the market potential before the D-day. The findings of a recent survey commissioned by EmpireStakes.com and conducted by YouGov Plc are out, and the numbers are pretty interesting.
A range of sports betting-related questions were presented to New Yorkers to gauge the state’s current sports betting patterns. The results would then give more information about what the industry should expect when the mobile sports betting market goes live late this year or early 2022.
New Yorkers Are Already Betting via Offshore Platforms or Out of State
One of the most critical findings of the study was that about 27% of New Yorkers are already wagering on their favorite sports. The bettors are either using offshore sites or going out of states as regulated sports betting isn’t live in New York yet. Additionally, 74% or 3 in 4 of the current sports bettors in the Empire State have crossed borders to neighboring gambling legal states like Pennsylvania or New Jersey to bet on sports.
Moreover, New Yorkers who think of themselves as avid fans of the activity are 6 times more likely than those who consider themselves casual fans to travel to a different state to place legal bets. As for individual sports, the likelihood of fans of local basketball teams crossing borders to bet is 30% more than that of baseball fans.
The survey also found that the volume of sports bettors will increase to 32% when the activity finally goes live as it would be more accessible to locals. And after the legal market goes live, 4 in 5 of New Yorkers already engaging in the activity will likely switch to legal platforms.
Further, a quarter or 1 in 4 of the sports betting demographic said they expect to place wagers on sports every day, whereas 44% plan to bet on sports at least once every week. Other key findings disclosed by the EmpireStakes.com survey indicate that:
For this survey, the total sample size was 1,018 New Yorkers aged 18 and above, and it was conducted online between May 14th and June 2nd. For the sake of clarity, per the study, a sports fan is a respondent who selected at least “I am a little bit interested in sports” in a question with 4-point interest level criteria. On the other hand, an avid sports fan is an interviewee who selected “This is one of my TOP interests” in a 4-point interest level criteria question. Similarly, respondents who chose the top box in a 4-point interest level criteria question asking how interested they are in sports were also considered avid sports fans.
Time for Sports Betting Revenue to Stay in New York
Given that more than a quarter of New Yorkers are betting on offshore platforms or are traveling to other states, a lot of revenue is leaving the state. The good thing is, the journey to mobile sports betting regulation is almost complete, with the competitive bidding for mobile sports betting licenses already underway.
Late in 2019, long before lawmakers drew a workable plan, the New York State Gaming Commission (NYSGC) contracted the Spectrum Gaming Group to conduct regulated sports betting market research. The results for the market research came in January 2021, estimating that the Empire State could generate up to $1.14 billion in annual revenue and up to $104 million in tax proceeds.
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