New York Sports betting could launch in a few weeks

New York betting launch

Author:

Alex W

Updated:

Jan 6, 2022

Huge sports fan. Football & MLS fanatic. Lover of all things gambling - Sports betting, Casino, Poker and of course, Las Vegas.

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Mobile NY Sportsbooks Could Launch Within Weeks, Senator Says

New York sports betting could soon be upon us. State Sen. Joseph Addabbo, a New York City Democrat, has confirmed in recent weeks that he believes New Yorkers will be able to place mobile sports wagers in time for the Super Bowl in February, if not sooner. Addabbo tweeted last week that he is optimistic “New Yorkers will be able to place their first mobile sports bet in January.”

The Super Bowl is a heavily wagered event throughout the country and will take place on February 13 this year. The finale to the NFL season will be played out at SoFi Stadium in Inglewood, California.

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On New Year’s Eve, Addabbo tweeted that he has been consistent throughout regarding his opinion that residents in New York will soon have the opportunity to use their smartphones and computers to bet on live events.

Addabbo is has been heavily involved in the legislation process in the Big Apple and is chairman of the Senate Committee on Gaming and Wagering. This year’s legislative session began on Wednesday at the Capitol in Albany and ends on June 2.

New York is Biggest State with Sports Betting

In November, the New York State Gaming Commission gave nine online gambling operators the go-ahead to launch mobile sports betting platforms across the state.

When these platforms go live, it will be the first time in the country’s fourth most-populous state that mobile betting has been legal. The three most-populous states, which are California, Texas, and Florida, do not have a legal sports wagering industry.

In the Sunshine State, the Seminole Tribe briefly launched a mobile betting app, but it has been ordered to be taken down in a federal legal dispute.

Nine Gambling Companies Licensed in New York

In New York, the online bookmakers licensed to operate are BetMGM, Caesars Sportsbook, DraftKings, FanDuel, Bally’s Corp., Genting’s Resorts World, Wynn Resorts, PointsBet Holdings, and Rush Street Interactive.

These brands are required to partner with a land-based casino. The casinos will get a $5 million annual hosting fee from the sports betting companies. Online bookmakers operating in New York must pay a 51% tax for ten years. That is the same as New Hampshire’s highest-in-the-nation rate, also at 51%. The tax rate in Neighboring New Jersey is 13%.

According to Forbes, the tax rate in New York is expected to generate $493 million in revenue by 2025. Addabbo has predicted New York will eventually “eclipse” New Jersey in sports betting.

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