Better Collective joins New York sports betting gold rush
Signs deals with three of the four approved operators, working on fourth.
Better Collective, a global sports betting media group, on Friday said it is ready to support New York sports fans with betting lines, information and statistics on its proprietary platforms, bettingexpert.com, VegasInsider.com, HLTV.org and Action Network.
The company noted following final regulatory approvals of betting platforms and operational setups, the first four of nine licensed operators in New York state have been approved to commence operations on January 8. Better Collective said it has entered into partnership agreements with three of the four, and is “in dialogue” with the fourth.
Online sports betting will be available shortly in New York, as Caesars Sportsbook, DraftKings, FanDuel and Rush Street Interactive are now approved to accept and process wagers starting Saturday. According to Better Collective, the remaining five conditionally licensed operators continue to work towards satisfying statutory and regulatory requirements necessary to launch and will be approved on a rolling basis when requirements are met.
“For Better Collective, and Action Network and Vegasinsider in particular, this is a great opportunity as New York has potential to become the biggest sports betting market in the US,” the company said in a regulatory release. “Even though the sports media platforms from Better Collective already have more than 500,000 visitors every month from New York, it has not been possible for them to use the information for betting. This changes now.”
Better Collective, which has offices in New York, Miami and Nashville, said it now will be live in 16 US states and has subscribers from across the whole country.
As for New York, Better Collective said it initially will be able to receive CPA payments, and it has applied for an ancillary license to potentially work on revenue share at a later stage
The company cited research estimating the New York sports betting market will generate more than $700m in Gross Gaming Revenue in 2022, with the total US sports betting market expected to grow from GGR of approximately $2.5bn in 2021 to $5.8bn by 2023.
“The New York market is expected to drive revenue from the time of launch by the operators and the financial impact will be included in the financial targets for 2022 that will be published in connection with the company’s Full Year Report for 2021,” Better Collective wrote in its regulatory release, adding, “Better Collective expects that revenue from the US business will exceed $100m by 2022.”
“Unlocking the fourth most populous state in the United States to mobile sports betting is a huge moment for Better Collective and our growing portfolio of US assets,” Marc Pedersen, CEO of Better Collective US, said in a statement. “We are strongly positioned and excited to continue delivering sports betting content to the many thousands of sports enthusiasts from New York that visit our sites daily.”
Better Collective offers a range of editorial content, bookmaker information, data insights, betting tips, iGaming communities and educational tools. The company is headquartered in Copenhagen, Denmark, and listed on Nasdaq Stockholm.
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