Sports wagering in New York is big business, and it pays to understand the rules that govern betting lines.
New York legalized sports betting in January 2019 and retail locations rolled out later that year. Online sports betting is also legal in the state, and operators are expected to be up and running in early 2022.
The New York State Gaming Commission recently approved and granted nine licenses for mobile sportsbooks within the state. The following companies were approved as mobile operators by the NYSGC:
- DraftKings Sportsbook
- Caesars Sportsbook
- FanDuel Sportsbook
- Resorts World
- Bally Bet
Sports betting odds will soon be available online (and through sports betting apps) at major sportsbooks such as DraftKings, FanDuel, PointsBet, Caesars Sportsbook, and more.
Oddsmakers at each respective sportsbook are responsible for creating the sports betting odds. They do so with the goal of attracting equal money on both sides of a bet to avoid liability on the game.
It’s important to note that betting odds can vary at different sportsbooks. It pays to shop around for the best number (and hence value) on any sports wager. That is also true in the case of sign-up promotions for new accounts. These typically come in the form of a matching sign-up bonus or a risk-free bet. Check out some of the best current promotions in New York right now.
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What Types of Sports Bets Can I Make In New York State?
There are many betting picks to choose from in New York. Let’s start with moneyline, spread, and total bets. The chart below reflects a real-world example from DraftKings for the November 12 NBA game between the New York Knicks and Charlotte Hornets.
Team Spread Total Moneyline Knicks -2 (-105) O224 (-110) -130 Hornets +2 (-115) U224 (-110) -170
The Knicks were laying 2 points against the Hornets, meaning they would have to win by at least three points to cover the spread. In this case, bettors on the Knicks could wager $105 to win $100. If you think the game will be a nail-biter, but the Knicks will still win outright without regard to points, you could bet $130 on the moneyline to win $100. Even if it’s a 1-point win for New York, you’d still cash a winning ticket on the game. The total of 224 represents the combined total of points scored by the two teams. In both betting instances here, you’d have to bet $110 to win $100 whether betting the OVER or UNDER. It’s important to note that $100 is a central benchmark for point spread betting. You don’t need to wager that amount or try to win that amount with each bet.
How Did The Knicks-Hornets Game Finish & What Bets Paid Off?
The Hornets beat the Knicks by a score of 104-96. The game went well UNDER the posted total of 224. Moneyline and spread bets on the Hornets also cashed.
Parlay Bets In New York State
Parlay odds can vary significantly depending on the number of games in your bet. Simply put, a parlay bet combines two or more games or outcomes in an individual wager. Let’s say that you like both the Giants and the Jets in the NFL this week.
Team Spread Odds Dolphins -2.5 -110 Jets +2.5 -110 Giants +12.5 -110 Buccaneers -12.5 -110
Your $100 parlay bet on the Jets and Giants would bring back $260 if both teams covered their respective spreads. That reflects 2.6-1 odds on a two-team parlay with both games at -110. A three-team parlay features 6-1 odds, and a four-team parlay offers 11-1 odds. It’s important to remember that each leg of your parlay needs to be correct for you to win the bet.
You can also bet teams on the moneyline and combine them in a parlay. Be sure to utilize this parlay calculator to see how much your parlay will pay. Simply plug in the moneyline odds for each team in the wager, and the parlay odds will be calculated for you with an implied winning percentage.
Many sports bettors naturally like the higher payouts that can come with parlay bets. But be disciplined when making these wagers. Betting two or three teams in a parlay gives you a somewhat realistic chance to win the bet. If you’re playing a 10-team parlay in the hope of breaking the bank, that’s more akin to buying a lottery ticket.
Future Bets And How To Make Them In New York State
You likely guessed it: Future bets revolve around the outcome of an event that takes place in the future. One popular future bet in New York involves betting on the NFL’s Super Bowl Champion during the regular season. These odds are dynamic as they fluctuate based on the performance of each team throughout the year. Let’s use the Buffalo Bills to see how we’d make this future bet.
Super Bowl LVI Winner
Team Odds Tampa Bay Buccaneers +550 Kansas City Chiefs +650 LA Rams +800 Arizona Cardinals +850 Buffalo Bills +850
*Odds current as of 11/23/2021 at PointsBet
To keep things simple, we’ve only listed odds for the top-five teams, but there are available bets for all 32 NFL teams. The Buccaneers were the +550 favorite to win the Super Bowl at PointsBet in late November. If you put $100 on Buccaneers to win it all, you’d cash a $550 winning ticket (and get your initial $100 back) if the Buccaneers win Super Bowl LVI. That is a fairly short price, but the odds can change on a weekly basis throughout the course of the season.
What’s A Prop Bet And How Do You Make One?
You’ve likely heard the term “prop bet” during the Super Bowl each year. Betting on the opening coin toss or how long the National Anthem will last? Those are examples of exotic prop bets. Betting on the Super Bowl MVP is a more conventional prop bet.
Last year, BetMGM offered the following odds on these top-five favorites to win the award.
Super Bowl LV Most Valuable Player
Player Odds Patrick Mahomes -105 Tom Brady +200 Tyreek Hill +900 Travis Kelce +1300 Clyde Edwards-Helaire +1400
Brady and the Buccaneers dismantled the Chiefs, 31-9. Brady threw for three TDs and just 209 yards, but it was good enough to win Super Bowl LV MVP. It marked the record fifth time that Brady garnered the award. With a $100 prop bet on Brady, you would have doubled your money with a profit of $200. A $500 wager netted you $1,000.
How Does Live “In-Game” Betting Work In New York State?
Did you forget to get your bet in on time for the Rangers-Islanders game in the NHL? Don’t sweat it. All major sportsbooks including DraftKings and Fan Duel offer in-game wagering as the contest proceeds. Sometimes it’s helpful to watch how a game unfolds before betting on the outcome. You might get a better sense of whether it will be a high- or low-scoring game.
Technology allows for real-time updates to the betting lines. You can wager on the moneyline, spread, total, and more as the game goes along. Remember that oddsmakers will be closely following the action too and adjusting the line accordingly. If you’re relatively new to sports gambling, give it some time before you delve into live wagering. It moves fast with game markets appearing and then disappearing in the blink of an eye.
How Sports Betting Odds Work In New York
Oddsmakers and/or sportsbook directors establish the sports betting lines. Odds in sports betting can vary by book, so it pays to shop around for the best number and value across the industry. It doesn’t matter whether it’s professional or college sports, individual or team sports, oddsmakers are responsible for creating lines that will take equal action on each side. That helps the sportsbook avoid liability on the game in question. Once the opening line is established, the sports bettors bet on their chosen side or total. Oddsmakers then adjust the line as necessary to keep the bets balanced on both sides of the ledger. This back-and-forth shifting of the lines takes place up until the game starts. The sports bettor will find these odds online at DraftKings, BetRivers, PointsBet, and more. They will also be available on each company’s apps. You can place your bets online or through the respective apps.
How To Bet On The NFL In New York State
The NFL regular season kicked off in September and will conclude with SuperBowl XLI on February 13, 2022, at SoFi Stadium in L.A. Each of the NFL’s 32 teams plays a 17-game regular season (one game was added this year). That ensures ample opportunities to bet on professional football games.
The NFL garners the most amount of money and eyeballs across the US sports landscape. It’s no different in the state of New York. The NY Giants, NY Jets, and Buffalo Bills represent the state as members of the National Football League (even though the Giants and Jets play their home games at The Meadowlands in New Jersey).
A general tip on NFL wagering? Follow websites and beat reporters who cover your team on a regular basis. It doesn’t have to be your favorite team, either, but rather a team or teams you’re likely to bet on throughout the season. Injuries play a part in every NFL season. Now, in the era of Covid-19, you’ll also need to stay abreast of players being added to that list on a weekly basis. The absence of key players like Aaron Rodgers can have a dramatic effect on the betting line for that week’s game.
NOTE: You can wager on myriad sports in the Empire State. The NBA (including the NBA Finals), MLB, and NHL join the NFL as the four major professional sports leagues. There’s also action available on college football, college basketball, golf, tennis, soccer, MMA, motorsports, and more. Check with each sportsbook for its full list of offerings before registering for an account.
Sports Betting In New York State – FAQs
Betting lines are simply the odds offered by a sportsbook for a particular game. They are comprised of the spread, total, and moneyline.
The easiest way to access betting odds is through a sportsbook app. As an example, search for the FanDuel app in the App Store. Click to download it on your mobile device. You will then be asked for personal information such as your age, email address, mailing address, and password. You must be 21 and reside within the boundaries of the state to gamble legally in New York. Take advantage of any promotions including a matching sign-up bonus or risk-free bet for new users. FanDuel is currently offering a $1,000 risk-free bet.
Live betting odds are offered as part of “In-Game” wagering. The odds will change throughout the course of a game for spread, total, and moneyline, among other betting options. Updated betting odds are offered on a real-time basis at major sportsbooks.
This all depends on the day and the game in question. You need to shop around by researching the odds at several different sportsbooks. Check major operators such as DraftKings and FanDuel, but also be mindful of books such as PointsBet, BetMGM, Caesars Sportsbook, and BetRivers. Each book will have its own market based on the way its patrons are betting the game.