Plenty of Speculation on New York Sportsbooks for 2023

Of course, there are plenty of complaints about the 51% tax rate on mobile betting in New York and how hard it is to turn a profit, but it’s not hard for everyone.  FanDuel, for example, made $78.3 million in New York in November. Even after forking over a little more than half of that to the state, there’s plenty left over to provide egregious executive bonuses and whatnot. DraftKings is doing fine, too, while BetMGM and Caesars are probably clearing enough to cover all the costs of doing business in the Empire State.

But it’s a “haves and have-nots” situation. Below those big four who aren’t afraid to spend big are five operators carving out much smaller pieces of the pie.  PointsBet and BetRivers are making a couple of million bucks apiece per month in revenue, before taxes, during football season, while WynnBET, BallyBet, and Resorts World Bet are lagging behind even those modest numbers. It’s unsustainable for some of these mid-sized operators.

It’s not a bold prediction that an operator will eventually leave the New York market. But it is perhaps aggressive to suggest it will happen in 2023, so soon after paying the $25 million license fee to get a foot in that door. And that’s what will happen. One of these sportsbooks will decide the path to profitability isn’t there, and New York will be down to eight operators by the start of 2024.

Sportsbooks such as BetRivers are coming in hot for the current 2022 college and pro football season. The NBA and NHL regular seasons are in full swing, as is big-time college basketball. And, of course, you can get action on the College Football National Championship. It’s all underway and coming in hot, with action available now. This is the best time of year for sports betting activity in overdrive. Check out their DAILY specials and bonuses today!

The legal sports betting industry did not look too good, with the stories detailing how lobbyists and the sports betting operators allegedly hoodwinked state representatives. And with how Barstool Sports’ Dave Portnoy is negative on the industry. Further, there are stories of how sportsbooks are infiltrating college campuses.

But it has gotten the attention of state legislators. In New York, a politician has introduced legislation to Curb the bonusing by sportsbooks, and the Massachusetts Review of PENN Entertainment’s sportsbook license was affected by concerns about Portnoy.

As a result of increased scrutiny, many see 2023 being a tough year for the industry at large, reminiscent of the battles daily fantasy sports had to face in 2015-16

In short, it is expected that more state legislators will have more questions about how sportsbooks operate. And most wouldn’t be surprised if there’s some movement on the federal level to take a harder look at the whole scene. The sportsbook industry will survive this magnifying glass, but it has the potential to be very uncomfortable for a lot of people.

Now is the time to check out BetRivers for the latest bonus offers for all major sports. There are also DAILY SPECIALS to check every day of the week!