New York Legalizes Online Betting

At 9 a.m. on Saturday, New York State will start what is believed to be one of the nation’s largest online sports betting markets. Four sportsbooks – Caesars, DraftKings, FanDuel, and Rush Street Interactive – gained approval from the New York State Gaming Commission on Thursday to begin accepting wagers on Saturday.

The New York betting sector is expected to generate $667 million in revenue this year, according to Vixio GamblingCompliance, an industry trade publication, and regulatory intelligence service. Annual gross revenue is expected to reach $1.1 billion by 2025, making it the largest betting market in the United States to date.

Where can you Bet?

FanDuel, DraftKings, BetMGM, Bally Bet, Caesars Sportsbook, PointsBet, Resorts World, Rush Street Interactive, WynnBET, and Kambi were among the nine sportsbook operators recommended for the license in New York in November.

According to the gaming commission, only Caesars, DraftKings, FanDuel, and Rush Street Interactive had met the statutory and regulatory requirements to start taking bets on Saturday.

Caesars, FanDuel, DraftKings, and Rush Street Interactive, which owns BetRivers and SugarHouse sportsbooks, all announced Saturday would be their first day of business.

How do the Financials Look for New York?

The sportsbooks will be subject to the highest state tax rate in the country, at 51 percent, on gross income. In New Jersey, for example, the tax rate on internet sports betting is around 13 percent.

The far higher tax rate in New York has raised concerns that gamblers may face higher pricing, but industry insiders familiar with some of the sportsbooks say they won’t be significantly different from what’s offered in neighboring states.

The impending rollout of mobile sports betting, according to Additional York State Senator Joseph Addabbo, is “excellent news for New York in terms of income, new financing for education, addictions treatments, and child sports, as well as new jobs.”

Since a U.S. Supreme Court ruling in 2018, which struck down a federal statute that limited regulated sports gambling to largely Nevada, twenty-nine states and the District of Columbia have started legal sports betting markets.

What Does This Mean for Online Bettors?

This is great news for sports bettors in New York, as they will now be able to place their bets on the go. Many had hoped that online sports betting would pass through and come prior to the NFL playoffs, but the state of New York did that even quicker and made it available prior to Week 17 of the NFL season.

This is going to be a huge market for sports bettors as there are a ton of people within the state, and New York is historically a very pro-sports community. This is going to allow those who like to combine their love for sports betting and their love for sports.

With New York now being the 30th state to have a legal sports betting market, it begs the question of what is next. New York should be the standard of online sports betting, but I would not be shocked to see it start out much slower than anticipated. I think with the pandemic going on, people will still look to be a bit smarter with their money.

As the online betting sportsbooks take hold in New York, I expect to see people rushing to download the apps and get their bets in on a very easy-to-read platform.

New York has been clamoring for some time about getting online betting legalized in the state, and now it is finally here. I am excited to see how the first day of sports betting goes online in the state. Look for the excitement to start boiling over to other states as well.

Last Updated on by Ryan

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