Armed with a phone and with free money from newly legal sports books in the state, fans are gambling like crazy
Photo: A24/B)A24 “I feel like I’m a coupon-clipper,” says James, who has been parsing through all the deals offered by sports books since betting on your phone became legal in New York on January 8. Gone are the days when he had to drive to the Best Buy parking lot on the Jersey side of the Holland Tunnel to place bets on games, as he did when it took connecting to a cell tower across the Hudson to gamble on sports legally.
The incentives appear to be working. In the first ten days, 1.2 million accounts were created in New York with almost 90 percent of them new to sports betting, according to a geolocation firm that ensures gamblers are actually in the state they say they are. These bettors are pulling in staggering numbers for sports books: In its first three weeks, the total number of bets taken, known as the “handle,” has exceeded $1.175 billion, according to data from the New York State Gaming Commission.
There are many ways to bet aside from maxing out deals while the house is trying to get you hooked on the rush of a win. Owen, who frequently looked at sports-betting lines while in finance lectures during college, sets up an Excel spreadsheet to follow his bets. He’s also not afraid to short his own position in order to reduce his exposure if a bet is going south, something he calls a “hedging arbitrage strategy.
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