Since the Supreme Court lifted the blanket ban on sports betting in 2018, the industry has boomed.
Each state responsible for their own legislation with regards to how it operates, and the taxes they can claim, it has been a bumpy ride trying to ensure that everyone has fair access to place the bets they want.
Slower to take up the opportunity than many other states, New York only recently entered the wild world of sports betting, passing the relevant legislation back in January 2022.
What was an absolute boom of a time for New York sports bettors in terms of promotions and bonuses has since started to dull down – and while it might not be as easy to sign up for the huge promos that you might have had this time last year, there are still some excellent New York sports betting promos to be found, if you know where to look.
So, what has changed? Why are the betting operators dialing down their promotions?
The State of Sports Betting
Before we get into what has changed, it is worth mentioning that sports betting as a whole has been problematic in the US since the Supreme Court made their ruling.
By effectively leaving it up to each state to decide what the industry looks like for them, it has been difficult to ensure that standards are the same everywhere – a lack of oversight is the main issue that is causing concern for savvy bettors.
While keeping local issues local is a great idea for certain legislation, it is not always the best answer when it comes to something that can affect people across the nation. There is such a lack of protection for customers across the board, and little to no enforcement of rule-breaking even when it has been set at state level. For example, in states like Iowa and Tennessee, adding funds to online gambling accounts via credit card is not allowed, and yet it happened with more than one operator.
With all this, the good people of New York were determined not to be left behind, with more than 2 million unique user accounts created in just the first few weeks of the state-level legalization in January 2022 – and that was possibly because of some enormous promos that were just too good to be true.
What Were the Promos?
Caesars NY could have the biggest promo – with a deposit match of up to $3,000 for each new player, but plenty of others were offering some big numbers to tempt people into this new market.
Another promotion that proved to be very popular was the offer of a ‘risk-free bet’. Now, this sounds brilliant for the newbie bettor – you place a bet, if it comes in, you’re in the money, and if it doesn’t, then you get a refund. However, this refund can only be used to buy more bets.
Other bonuses, like free bets and even incentives like tickets to sports events, have been offered too.
You couldn’t fail to see these promos either. The proliferation of sports betting advertising covering billboards, social media, stadiums and TV was (and in some cases still is) absolutely overwhelming. The adverts featured famous Hollywood actors and well-known sports personalities, making it seem like the only way you could be a true sports fan would be to bet on the outcome.
Aside from the fact that all good things must come to an end, a little more than a year on from the halcyon days of New York sports betting, the promos are being minimized, and there are man reasons why.
Why Reduce Promos?
Firstly, huge promotions are just unsustainable long-term. The enormous deposit matching offers were only good for the customers, and it didn’t take long for them to start being abused. Bettors were taking their deposit matches, playing both sides of a bet, and guaranteeing a profit. Free credit allowed bettors to be able to claim not only their winnings from a wager that paid off, but also the ‘free’ initial stake on top.
It’s unsurprising that this was the case in such a new market, but for the shareholders of the betting operators something had to give. The companies were so hellbent on getting accounts created and ‘winning’ the customers, that profitability took a back seat – and that isn’t something that is going to fly long term when it is the shareholders who are paying the tab.
Add to that the fact that New York State requires 51% of gross revenue as tax, and these promotions were wholly unsustainable, especially as the individual stock price of the operators was up to 70% lower than it had been at it’s peak.
As we settle into the more sedate and less overachieving days of sports betting in new York, choosing the right sports betting operator should be about more than what they are willing to offer you in promotions (but it doesn’t hurt to look for the best deals).