Tuesday, August 16 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


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