New York sports betting is exploding
New York State legalized online sports betting in 2022. Within three years, nearly $58 billion in bets had been placed. This is according to data from the New York State Gaming Commission.
Those numbers make New York far and away the leading state in mobile sports wagering. The state has handled more than $1.689 billion in gross gaming revenue. That adds up to approximately 15% of the entire sports betting revenue generated in the US legal and regulated market. With a retention rate of 8.8%, the per capita loss of New Yorkers on mobile sports wagering was $86.
Little is being done in the state to recognize and treat problem gambling
Despite this abundant amount of sports betting, the time and money devoted to the recognition and treatment of problem gambling in the state is not keeping pace. There is little consistency in New York State law governing which sources of gambling revenue contribute to funds to treat problem gambling.
Presently, funding for the treatment of gambling problems, or to educate people on how to recognize someone with a problem gambling issue, is very restrictive. What funds are available come from New York State's four commercial casinos and also from mobile sports betting operators. No funds are forthcoming from any other state gambling sources that is earmarked for gambling treatment and education. For example, even though nearly 60% of New York’s gross gambling revenue is derived from the lottery, the lottery contributes no revenue at all to problem gambling resources or treatment.
One issue that state regulators would like to see rectified would be the setting of a unified minimum age across all of the state's legal gambling options. Currently, the minimum age for wagering in New York on social games, fantasy sports, traditional lottery games, and pari-mutuel racing is 18. However, the minimum age to gamble is 21 for Quick Draw lottery games, video lottery terminals, commercial casinos, and sports wagering.
New York seminar will discuss the signs of a gambling problem
Are New Yorkers with compulsive gambling problems receiving proper treatment? That's one of the issues that will be debated during the seminar.
Estimates suggest that between 1% and 4% of all people who partake in gambling will become problem gamblers. Whichever end of that curve you choose to accept, the number of potential problem gamblers is exponential.
There are 15.86 million New Yorkers who are over the age of 18. At the high end, meaning 4% of New Yorkers would need problem gambling treatment, that works out to 634,000 people. At 1%, the compulsive/pathological gambling rate would be 158,000 people.
During the seminar, panelists will discuss problem gambling. The discussions will include common warning signs and risk factors. The effects gambling disorders can have on individuals, families, and professional lives will also be on the docket.
Attendees will learn about available resources and treatment options. How to access support services for those who may be struggling with gambling-related concerns or who want to help someone else who may have a gambling problem will also be on the agenda.
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