The Review of Sports Betting in NY Since Launching

New York is the largest city in the US by population, and you can only imagine the impact sports betting has had on the state. According to the New York Times, bettors wagered $2.4 billion in five weeks of the state's debut of online sports betting. This can only explain the anticipation and readiness residents must have had before its legalization. 

How Did It All Start?

New York initially legalized sports betting at the State level in 2013. However, a federal ban existed at the time, deterring the realization of this law. Overturning PASPA in 2018 by the Supreme Court ended the federal ban, giving birth to the start of sports betting in the state. The following year, the Empire State launched its first retail sportsbook for in-person betting. However, online and mobile sports betting only emerged in the state in 2022.

Other betting companies have also entered the state, contributing to its development. Unsurprisingly, New York dominated the US sports betting tax revenue in the third quarter of 2023.

Betting Brands and Their Relationships with Sporting Events in NY

New York has hosted some of the biggest sporting events such as the US Open and NYC Marathon. 

Madison Square Garden is one of the biggest arenas in the Big Apple city and has hosted basketball and hockey games. College basketball, especially the NCAA March Madness, is also one of the most popular events in the Empire State. The state has hosted seven NCAA National Championships games. Ever since online sports betting sites have gone live, the sportsbooks in the state have provided odds to wager on March Madness. 

With the likes of New York, New Jersey, and Michigan leading in the all-time betting handles, this has awakened some other states to follow suit, and NC seems to be the next in line. North Carolina will launch their first betting apps in March 2024, which is in time for one of the most anticipated sporting events.

With the State of North Carolina set to represent itself again in another NCAA Championship edition, betting on UNC's March Madness chances will be one to look forward to. The Tar Heels are among the most successful teams in the competition, and bettors in NC can back them to win their seventh NCAA championship.

Impact of the Legalization of Sports Betting in New York

Undoubtedly, the Empire State has witnessed a lot of positives since it legalized sports betting. Apart from the entertainment players derive from it, its 51 percent contribution to gross gambling revenues is the highest in the country in the third quarter of 2023.

As a result, this has helped fund various services and programs. In other words, it has been vital in improving the state's citizens' conditions as the generated funds are put into education, social services, and more. This is one of the reasons North Carolina has also followed suit and is ready to launch online sports betting in March 2024. Thanks to that, you may now wager on the UNC ahead of March Madness at your convenience.