The New York State Gaming Commission is expected to announce at least two operators who have been approved to offer mobile sports betting within the state.
The hope is that once the approval process is finally brought to a close, the operators can have their mobile sportsbooks up and running in time for Super Bowl LVI set to take place on February 13th 2022.
Reports suggest that the commission is ready to give full approval to two consortiums. The first consists of Bally Bet, BetMGM, DraftKings, and FanDuel while the second group includes Caesars, Empire Resorts, Wynn Interactive, and Rush Street Interactive.
However, there is still some uncertainty over whether or not the state will award a mobile license to a third group that has also applied. This third group is a partnership between Fanatics (backed by Jay-Z) and Penn Sports Interactive’s Barstool Sports. The same reports suggest that this consortium have yet to receive the paperwork that the other two groups have already been issued with.
When asked about the approval process, the New York State Gaming Commission declined to comment on individual applications but did say that it remained on schedule for the proposed early 2022 launch.
According to the state’s gaming legislation, all online operators must give 51% of their profits directly to New York State. As a result, analysts expect New York online sportsbooks to offer worse odds than their out of state counterparts. The unusually high revenue sharing deal could also see less promotions and offers for new and existing gamblers.
In comparison, New Jersey online sportsbooks must pay 13% to the state while Connecticut operators pay 13.75%. Pennsylvania charges 34% while New Hampshire is the only other state with a similar tax rate to New York as online sportsbooks there must also pay 51% to the state.
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.