GeoComply: Connecticut Cashing In On New York Sports Betting Delays

New Yorkers continue to head elsewhere to place their sports bets online. Connecticut is just the latest surrounding state to cash in.

According to data from GeoComply, 38% of the betting activity in Connecticut has occurred in the southwestern corner of the state along the I-95 corridor.

Government relations executive Chad Kornett noted that Stamford, Bridgeport, and other highway entry points stretching north near the New York border are seeing significant activity.

Since launch, more than 1.2 million sports wagers have been placed legally in Connecticut.

New Yorkers forced to bet on the road

Bettors in New York have had to find other ways to place their wagers while their home state works through the prelaunch checklist for online sports betting. Advocates are hopeful that the first mobile bet could be placed during the NFL playoffs in January, with hopes of the full operations being live before the Super Bowl in February.

The process is currently in the hands of the NYS Gaming Commission. Applicants have a 5 p.m. deadline Monday to amend their tax rates to be in compliance with the NYSGC matrix.

Depending on how many licenses are awarded, operators and providers could be subject to a tax rate as high as 64%.

New Jersey has been doing this for years

New Yorkers have also been flocking to New Jersey to place their online sports bets since 2018.

In September, New Jersey became the first state to ever record $1 billion in handle during a single month. The belief is that 20-25% of that handle still originates with bettors who reside in New York.

The George Washington Bridge at the border has proven a popular hot spot for traveling bettors, as has the PATH station in Hoboken. Sportsbook operators like DraftKings and FanDuel have been advertising within the public transit system for years, even prior to the repeal of PASPA.

New Jersey’s sports betting market has benefited from a low tax rate and a competitive environment populated by dozens of operators. New York Assemblyman Gary Pretlow recently made a futile last-ditch attempt to sway the Hochul administration into opening up the NY market.