Gaming - New York online sports betting still a near-term possibility?

Davy Research
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While the ultimate size of the US sports betting opportunity remains uncertain, the near-term opportunity is becoming clearer. New Jersey (NJ) continues to surpass expectation, while the Pennsylvania (PA) market online launch is edging closer (retail is already operational, with FanDuel launching at Forge Valley this week). However, it is the news that online sports betting is still being considered in New York (NY) that is particularly interesting. As Paddy Power Betfair recently noted, the combined NY/NJ/PA states are 1.7x the size of the Australian market in population terms. Of course, over 50% of the Australian market remains retail and therefore off limits to corporate bookmakers. Should the NY/NJ/PA market be online-focused as expected, the addressable market for gaming operators could be arguably be >3x the size of the market ‘Down Under’