They say the house always wins, but that cardinal rule of gambling may not hold just yet in New York state.
As gamblers shelled out $1.1 billion in total bets in the first month of mobile sports betting in New York, sportsbook operators spent heavily on promotions to lure those customers and each also had to shell out for hefty state taxes and a $25 million upfront licensing fee.
The high startup costs haven’t fazed players such as FanDuel, DraftKings and Caesars Sportsbook, which are eager to invest in a market they expect will prove quite profitable in the long run.
“I would find it very difficult that the
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