New York hopes to launch mobile sports betting before the end of January
New York Senator Joe Addabbo, the state’s leading supporter of bringing mobile sports betting to the Empire State, is preparing to make his dream come true.
The date has yet to be set, but plans are underway for mobile sports betting to take place before the end of the month.
“The sports betting servers that were to be installed at the land-based casinos with the licenses are almost ready,” Addabbo told The Action Network on Tuesday evening.
Addabbo said that once they are all set, a date will be negotiated for all sports betting to start taking bets.
In November, the New York Gaming Commission awarded nine mobile sports betting licenses: DraftKings, FanDuel, BetMGM, Caesars, Resorts World, PointsBet, Rush Street, WynnBet and Bally Bet.
New York State will charge books a tax rate of 51% of gross income. Addabbo declined to provide an estimated grip projection for the year 2022.
“We have double the population of New Jersey and we have more than double the tourism, so we should be competitive,” Addabbo said. “But New Jersey released projections early on and they were overestimated and that didn’t help. Since then, they’ve obviously taken him out of the park.
In 2018, the estimate for New Jersey at the sports betting deadline was $ 8 billion. When New Jersey announces the 2021 grip in 10 days, the grip is expected to exceed $ 10 billion, a monumental leap from last year’s record $ 6 billion.
Part of this is because New York hasn’t had mobile sports betting and New Jersey has picked up players, especially near New York.
“We hope the players change and stay,” Addabbo said. “And that means, stop betting in New Jersey, Pennsylvania or illegally and come to us and keep your business here.”
One of Addabbo’s advancements is trying to combine mutual betting and sports betting, which are traditionally separate and involve betting on separate apps. Addabbo said there are currently bills in both the Assembly and the Senate to do so, with the blessing of the New York Racing Association.
Nine companies were licensed to operate in New York state in November, which left a handful of reputable sportsbooks out of the fold, such as Penn National / Barstool Sports, as well as European stores Unibet and bet365.
DraftKings, FanDuel, Bally Sports and BetMGM were the first group to successfully bid; PointsBet, Caesars, WynnBet, Kambi Group and Resorts World then followed suit.
While in-person betting has been available in New York City since 2019, income from online sports betting is expected to be a boost for the state – after all, it hits a 51% tax on operators’ profits; Neighboring New Jersey just has an 8.5% tax on in-person sports betting and a 13.5% tax for online or mobile betting.
New York offers a plethora of general betting markets – direct bets, parlays, teasers, accessories, and more. – but punters are prohibited from betting on state university teams.
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