Friday, January 21 2022

In the coming week, New York gaming officials are expected to name a minimum of two online sportsbook operators. The list includes Bally Bet, BetMGM, Caesars, DraftKings, Empire Resorts, FanDuel, PointsBet, Rush Street Interactive and Wynn Interactive. This is exciting news. Over the summertime, the main objective was for the state to have accessible online sports betting operators in time for Super Bowl LVI.

Of course, Super Bowl LVI for the 2021 NFL season takes place on Feb. 13, 2022. Mobile sports betting was legalized in the state in April 2021. When asked about whether or not Fanatics would receive their license, a spokesperson said, “As far as we know, the process is still ongoing.” The optimistic response, while good, is not very reassuring. New York bettors are expected to spend $10 billion in 2022, and the operators are forecasted to earn roughly $1 billion.

According to sources, online sportsbook operators are obligated to surrender 51 percent of their profits to the state. In other words, free bets will be nonexistent in New York. As of right now, the only other state that receives 51 percent of earnings from sportsbooks is New Hampshire. Plus, Pennsylvania sportsbook operators split 34 percent of their profits with the state.

New York will soon have online sports betting operators

State politicians consider this news a win as well. Sen. Joe Addabbo said, “They are on schedule. I give the gaming commission credit for staying on track given the change in governors.” If not for former Gov. Andrew Cuomo, online sports betting in the state likely would have been put on hold for the foreseeable future. In addition to the unnecessary delays, New York State Gaming Commission did not approve regulations until 2019. Nowadays, things are looking up.

Moreover, in September, New York legislatures approved a limited-operator, online sports betting plan. Sports betting in the Empire State’s commercial casinos began in 2013, and the profits ranged from $1.5 million to $3.2 million during the COVID-19 pandemic. In the coming years, online betting is projected to represent up to 91 percent of the betting handle in the state.

Additionally, through sports betting alone, New Jersey state has earned $169 million in tax revenue since 2018. Their hold is 7.1 percent. Needless to say, outside Nevada, New Jersey dominates sports betting. Despite the high taxes, New York could eventually overtake smaller states such as Tennessee, Virginia and Michigan.

Though, they have a ways to go to catch up and surpass Nevada, Pennsylvania, Delaware and New Jersey. And, they likely never will, but this is expected. To add to that, Knicks and Giants fans have waited for years. Jets fans — even if there are not so many — are thrilled, too. With retail and online betting, the options are there. Millions will also continue to use mobile apps.

Source: Basketball Insider

Previous

Lakers vs. Hornets odds, spread, line: 2021 NBA picks, Nov. 8 predictions, bets from proven computer model

Next

Knicks vs. 76ers odds, line, spread: 2021 NBA picks, Nov. 8 predictions from proven computer model

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Pro Sports Media

Trending Now

Why Titans will be a different team vs. Bengals if Derrick Henry plays, plus Troy Aikman isn’t wrong

Getty Images Happy Thursday morning, all. I hope this newsletter finds you well. Let’s get right to it. This is the article version of the CBS Sports HQ AM morning newsletter. To sign up and get this in your inbox, fill out the information below. Please check the opt-in box to acknowledge that you would […]

Read More

PHT Morning Skate: Fleury on future; Eichel a ‘month or two’ away

Welcome to the PHT Morning Skate, a collection of links from the NHL and around the hockey world. Have a link you want to submit? Email us at phtblog@nbcsports. • As the Blackhawks’ playoff hopes slide, here’s Marc-Andre Fleury, owner of a full no-move clause, on his future in Chicago: “I don’t know, it’s not […]

Read More

MLB’s snail-paced lockout talks to resume with union offer

NEW YORK- Locked out baseball players plan to make a counteroffer to management on Monday, 11 days after clubs gave the union a proposal when the snail-paced negotiations resumed following a 42-day break. The players’ association asked Major League Baseball on Thursday to schedule the negotiating session. There is dwindling time to reach an agreement […]

Read More