Hey, I gotta tell you about this crazy scene in New York right now. So, ya know how Whitney Tilson always tells his newsletter peeps to steer clear of sports betting? Calls it a “”sucker's game,”” right? Well, dude's totally diving headfirst into it himself. Ever since New York gave the thumbs up to online betting a few weeks back, he's raked in more than seven grand!
Here's the kicker though, Tilson's playing it smart. He's like, “”Yeah, these betting companies, they're counting on you getting hooked line and sinker. But if you're sharp, you can totally play them at their own game.”” This guy's got some nerve, but hey, it's paying off for him.
So this wave of online betting? It's not just a New York thing—it's blowing up all over. But NYC, man, it's like the gold mine for these betting apps with all the sports teams we've got. Imagine this: just within the first month of the year, these major betting platforms skyrocketed with users https://trendsnowcasinos.com/. I heard from this dude Adam Blacker at Apptopia that they're up by almost 24% nationwide. That's nuts!
And the lure? It's all about the free cash these companies are throwing around, with promos as sweet as a grand. New Yorkers are gobbling it up, creating more than a million accounts in just the first couple of weeks. GeoComply Solutions, the guys watching over all the betting traffic forbes, they're saying almost everyone's a newbie.
Lindsay Slader from GeoComply was all, “”We totally underestimated just how many folks were itching to jump in once we flipped the switch.”” They were swamped right out of the gate!
Let me tell you, it's like the city's been bitten by the betting bug. Even casual fans are getting in on the action, and you can't escape those ads anywhere. Plus, with everyone and their dog used to handling cash through apps like Venmo and Robinhood, the thrill of winning (or the agony of losing) is just a tap away.
Most folks feel like they're playing with Monopoly money or something. Like, it's not real cash they're risking, so they're more chilled about it. I've got this buddy Henry, just 24, living on the Upper West Side economist. He's fresh to the betting scene, but already he says the talks at the bar have shifted from “”Who d'ya root for?”” to “”What bets did you slap down?”” Big change, huh?
Back in the day, betting in New York was more… let's say, underground. You had everything from shady number games to low-key bookie joints. Some folks would trek to horse tracks or Atlantic City just to get their fix. And then there were the brave souls who'd make the trip to Jersey for digital bets since 2018.
Take Spencer Eagleton, for example, a 24-year-old finance guy. Last year, he hopped on a train under the Hudson just to place his Super Bowl bets. “”All my Jersey friends would head home and go bet-crazy,”” he told me. “”Now, it's all legal, but before? Yeah, they'd be setting up their bets for weeks.””
Jersey's been king of the betting hill, raking in billions last year alone. But with New York in the game now, they're probably gonna have to give up the crown.
“”Sweet Lou”” Monaco, that gambling analyst on Twitter, he's calling it: New York's gonna be the new top dog, and fast. It's like a showdown for bettors' bucks.
Get this — New York's cutting itself a hefty 51% slice of the betting revenue pie. They're eyeing a cool $249 million from these online operators this fiscal year, and they're tossing some of that cash into stuff like youth sports and schools—and yeah, helping out with gambling addictions.
Dom Coppola, 25, got real with me about his online casino app habit when he was living in Jersey. Had to take a breather after some rough losses. But those juicy sign-up incentives? They sucked him right back in. “”I've snagged every free bet I could,”” he said. “”Feels amazing when you win, but deep down, I know I'm still climbing out of the same hole.””
Offers like FanDuel's $1,000 no-risk bet are pretty tempting. Or that deal where betting on the Knicks gets better forbes the more folks jump on board. Pretty clever hooks they got there.
And Tilson? He's staying in the game as long as these apps keep tossing money his way, especially with the Super Bowl and March Madness on the horizon. “”I stayed cool-headed running a hedge fund for 18 years,”” he says. “”I've got this betting thing under control.”” We'll see, won't we?
