New York Bettors Taking Advantage of Connecticut Launch
With Connecticut introducing online sports betting last week and opening three retail sportsbooks, including one Monday in New Haven, New York residents are crossing state lines to fulfill their sports betting cravings.
GeoComply, a geolocation security company, says residents of New York have another option for their sports betting needs and are using it, according to a news release from the company. Rather than flocking to New Jersey and Pennsylvania to gamble, they are taking full advantage of Connecticut, the newest New York City metropolitan area state to enter the legalized sports betting market.
Since the initial soft launch on Oct. 12, there have been more than 1.2 million transactions in Connecticut, most of which have taken place after the state’s full launch on Oct. 19, according to Geocomply.
With a population of just over 3.5 million, Connecticut has quickly ranked itself within the top 10, placing 9th in terms of overall online sports betting and casino traffic. The state has already surpassed Colorado, which has a larger population of 5.7 million, Geocomply said Monday in the release.
“We’ve learned from the New Jersey experience that New Yorkers are clearly motivated to travel locally to bet on sites where proper consumer protections have been put in place that safeguard the integrity of their wager,” Chad Kornett, vice president of Global Government Relations for GeoComply, said in the release. “Connecticut looks to be quickly following a similar pattern: Easily accessed from the New York City area, GeoComply’s data shows 38% of Connecticut’s wagering activity has originated from the southwestern corner of the state along the I-95 corridor.”
Betting Near the Border
Heavy volumes have been concentrated in Stamford and Bridgeport, and other highway entry points stretching north along the New York border have also been hotspots, the release said.
New York is looking to launch online sports betting in the first quarter of 2022, with potential providers giving a yes/no decision on the state’s new tax matrix by 5 p.m. Monday.
Connecticut’s emerging market comes as New Jersey just reported more than $1 billion is sports betting handle for September, a national record, and New York reported $17.35 million in handle from its four retail sportsbook at casinos in upstate New York. That was up 89.6% from August’s $9.15 million.
New York is trying to have its online sports betting market live in time for Super Bowl 2022. But that still gives neighboring states at least four months to rake in sports betting revenue at New York’s expense. It’s estimated that 20-25% of New Jersey’s handle comes from New Yorkers crossing the state line to place wagers.