“The volumes in New York were about two times what we were anticipating,” the company’s CEO Tom Reeg told investors on a Tuesday earnings call. Where is sports betting legal? Updates for the USĪt Caesars alone, the company has signed up about a half million new customers in New York since launch. State data shows $2.4 billion has been wagered through Feb. Since online sports betting came online in January, there were between 1.5 million to 2 million new accounts opened, according to the industry analyst. Big-spending promotions and a high New York tax take have hurt the companies’ bottom lines, according to an industry analyst. So far, the bookmakers have attracted more people than they expected – but at a cost, with promotions that lure bettors in with a “free” $3,000 if a gambler ponied up $3,000 of his own money at Caesar’s, for instance. “I got lucky by not winning a New York license,” a sports betting operator who tried and failed to secure a local license, joked to The Post. Much to their chagrin, the sportsbooks also have had to pay the 51% tax on the promotion money they fork over. How can that be? Operators like Caesars and Draft Kings are having to spend big to lure gamblers onto their apps: Those much-advertised promotions cost money – or about $100 to $150 per new customer – according to the industry analyst who didn’t want to be named.Īnd New York State levies a massive 51% tax on the bookmakers’ gross revenue, eating into their bottom lines. 8, according to an analyst who’s run the numbers for The Post.
In fact, one tally of online bookmakers’ profits shows they’ve very likely lost money – around $200 million – since launching in New York on Jan. If you thought the sports-betting ads plastered all over New York meant the industry was having a heyday, take a look at their profits so far: likely zero.
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