If New York regulators needed another reason to open up the state’s online sports betting market, Connecticut has given them one.
That’s according to new data from geolocation company GeoComply.
Cross-border bump for CT sports betting
GeoComply’s data showed 38% of Connecticut’s wagering activity originated from the southwestern corner of the state along the I-95 corridor.
“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,” said Chad Kornett, VP Global Government Relations at GeoComply. “Connecticut looks to be quickly following a similar pattern.”
CT punching above its weight
The New York traffic helped make CT the ninth-largest sports betting/online casino state since October 19.
For instance, CT ranked ahead of Colorado in that period despite having 3.5 million people compared to 5.7 million in CO. Of course. CT enjoys an added boost from having online casino.
Three sportsbooks are live in Connecticut:
- FanDuel Sportsbook via the Mohegan Indians/Mohegan Sun
- PlaySugarHouse via the Connecticut Lottery
- DraftKings Sportsbook via the Mashantucket Pequot Indians/Foxwoods
New York has a problem
As Kornett noted, CT sportsbooks are not the only ones to benefit from New York sports bettors.
Industry estimates suggest 20-25% of New Jersey sports betting revenue comes from New Yorkers crossing the border.
Why does it matter for New York sports betting?
New York has a chance to repatriate those sports betting dollars by launching a competitive market of its own. Gaming regulators are currently working out how many licenses to award for NY sports betting.
At most they could award 14, with a minimum of four. And key gaming legislators have lobbied for the top end of that range.
NY assemblyman J Gary Pretlow last week called for all 14 operator applicants to be licensed.
“While the former Governor had a very limited vision for how a sports betting market could operate in New York, we now have the opportunity to get this right,” Pretlow tweeted. “We should license all applicants and allow them to compete for the business of New Yorkers.”
Addabbo hopes to have the market live in time for the Super Bowl.