What online sports betting will be legal for New Yorkers?
Legal online sports betting in New York is just around the corner. While a launch date has yet to be announced, most pundits expect online sports betting in New York City to go live sometime before Super Bowl 2022, which is slated for the. Sunday February 13.
As impatient New York sports bettors await the official go-live announcement, operators are bracing for what is expected to be a busy launch. In November, nine companies were licensed to operate in the state after a single bidding process that ruled out several branded sports bets.
Launch of sports betting in New York
New York’s licensing procedures were different from most states. Sportsbooks teamed up to submit the winning bids – the first group was DraftKings, FanDuel, Bally Sports and BetMGM.
The second group consisted of PointsBet, Caesars, WynnBet, Kambi Group and Resorts World. With Kambi as the lead applicant, Rush Street Interactive is the parent company of BetRivers and SugarHouse.
The licensed operators for mobile sports betting in NY are:
Some notable absences include Penn National, owner of Barstool Sportsbook, as well as big name European operators like Unibet and bet365. Barstool and Fanatics teamed up for an offer but failed to secure a license. Another unlicensed book is theScore Bet, which is in the process of being acquired by Penn.
More sports betting could be added in the future, but the timing remains unknown. It is also unclear which operators would be the next to be approved.
Although online sports betting has yet to launch in New York City, retail sports betting has been around in the Empire State since 2019. More than half of the approved books already have physical betting locations at casinos in the state: BetMGM, Caesars, DraftKings, BetRivers and FanDuel.
It shouldn’t be a lucrative market for most operators due to the state-imposed 51% tax rate on profits. Neighboring New Jersey has an 8.5% tax for in-person sports betting and a 13% tax for online and mobile sports betting.
However, due to New York’s massive population, the cultural significance of the sports landscape, and the hope (with legal backing) that the tax rate will drop to 35% with 13 total operators in the mix on Down the line, ledgers aim to be a market share from the start for the long term potential of mobile sports betting.
For more updates on New York and other states that will legalize sports betting in 2022 and beyond, check out our legalization tracker for news as we go.
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