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At Monday’s meeting of the New York Gaming Commission, it was announced that nine online sports betting licenses were just awarded, a huge step forward towards launching the mobile version of that newly established sports betting market.
There were two main groups, or consortiums, receiving the licenses:
PointsBet chief executive Johnny Aitken told the media:
Today’s news of being recommended by the New York State Gaming Commission marks an exciting moment for us. We eagerly await the official opportunity to leverage our exclusive sports betting partnership with NBC Sports and introduce the nation’s premier sports betting product to the countless passionate, sports-loving New Yorkers.
Each of these nine companies will be granted a 10-year operating license in the state of New York, thereby becoming a major part of the existing sports betting market that services one of the largest states in the US.
But that potential business comes at a steep price.
Each online sports betting license holder is subject to a 51% tax, the highest rate in the US right now in states where sports gaming has already been made legal.
New York’s mobile gambling sector is predicted to generate annual tax revenue of $482 million off a sports gambling market said to be worth around $1 billion, but some industry experts worry that New York’s high tax rate could make it difficult for license holders to turn a profit.
With neighboring states like New Jersey (14.25%) and Pennsylvania (36%) applying much lower tax rates, this could prove to be an issue in the future, but for now, New York state leaders are hoping that with so much money on the table, even at that high a rate there are millions to be made.
But a few critical things still need to happen before the online sports betting market in New York can officially launch.
For those Empire State bettors anxious to make some online NFL wagers, it could still be a matter of time before that is possible, with several steps remaining before mobile sports betting is officially launched.
Next, there are certain technical details involved in implanting this version of the market that would need to be approved by the state, then there would have to be a period where the gaming platform would be tested and approved.
But the good news is all those steps are expected to happen in time for Super Bowl LVI which happens on Sunday, February 13, 2022, so New York gamblers still might be able to get in on the NFL’s postseason action.
Longtime supporter of mobile sports betting, Senator Joseph Addabbo, made his priorities clear to the public, saying:
Of utmost importance remains the timeframe for the servers that validate the mobile bets to be up and running, ready to take New York’s first mobile sports bets in January and in time for the 2022 Super Bowl.
Keep checking back for all the latest news and updates on this unfolding story.
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Mike Lukas is a retired standup comedian turned freelance writer now living in Dallas, Texas, originally from Cleveland, Ohio. His love for the game of football and all things Cleveland Browns turned Mike into a pro blogger years ago. Now Mike enjoys writing about all thirty-two NFL teams, hoping to help football gamblers gain a slight edge in their pursuit of the perfect wager. Email: [email protected]More info on Mike Lukas
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