New York is set to become the largest gaming market in the US despite its high 51% tax rate, according to a new prediction by gambling bonus comparison site BonusFinder.com.
Its new Bonus Index finds that the combination of a 20 million population, a competitive market, high bonuses and sizable player volumes will more than offset the tough tax regime.
“New York will become the US sports betting market's most lucrative and consumer-friendly state despite one of the highest tax rates on nine newly licensed operators,” stated the site. A booming market both for brands and consumers, with strong competition between operators, is expected, resulting in higher bonus offers for players. The site predicts an average welcome offer of $1,500, with a low of $550 and a high of $5,000.
BonusFinder.com’s new Bonus Index was launched just 24 hours after New York’s regulator announced its winning licensees. It measures a wide variety of factors across all current and future regulated sports betting states, including population, number of licenses and licensees, betting volume and average bonus offerings across brands. This results in an overall score.
"New York is one of the US sports betting market's crown jewels and its launch is a moment in time the industry has been waiting for, a large state with millions of passionate sports fans and bettors,” said Fintan Costello, Managing Director at BonusFinder.com. “Even allowing for the high tax rate, the convenience for consumers and the number of licenses issued means operators will be competing hard for customer accounts.”
As a result of the fierce competence, operators are expected to present some of the country’s most competitive bonuses. The gambling bonus comparison platform also has high hopes for North Carolina and Maryland, which are considering a large number of licenses, which would also lead to a highly-competitive market. In consequence, it is expected to overtake states such as Michigan and Arizona.
However, there is another market that could make a difference. “While New York is exciting, our Index shows that Ontario Canada will blow it out of the water,” explained Costello. "It may have six million fewer people but its large number of licenses across both sportsbook and casino will see it become North America's largest gaming and betting market."
According to the expert, the Bonus Index is able to accurately plot and track how successful every North American state sports betting and casino market is month on month, which leads to informed predictions.
BonusFinder.com is live in 14 countries, and has a presence in 20 US states, having gained additional permits in Arizona and Virginia this year. It was founded in 2019 and is run by a team of gambling experts with the mission of giving players trustworthy casino and sportsbook reviews.