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Right now in the state of New York it is only possible to place sports wagers in person at retail locations, but the bigger money in sports gambling is made online, and now the Empire State has just moved a step closer to launching its own mobile market.
On Wednesday, New York published their notice of the adoption of mobile sports betting rules in the New York State Register, the official journal of the state government that contains information on proposed regulations and rulemaking activities.
According to the notice, this move allows the New York State Gaming Commission to “prescribe the rules for mobile sports wagering through servers located at casinos and improve sports wagering regulation at casinos” as laid out in recent changes to gambling law in that state.
It’s another step of many on the journey towards a legally launched mobile sports betting market.
Like any new state law being implemented, it takes multiple steps and a complicated to-do list to move forward, and so far New York seems to be checking off these items one at a time despite having to wade through piles of associated red tape.
Once the budget-related legislation was passed in April, the gaming commission was required to award licenses to two or more sports betting platform providers, companies that would then host a minimum of four sportsbooks between them.
That happened, as we recently reported in New York Gaming Commission Approves Nine Online Sports Betting Licenses, with each of those nine companies being granted a 10-year operating license in the state of New York.
It’s a lucrative mobile market that New York is finally joining.
Each online sports betting license holder in New York will be subject to a 51% tax, the highest rate in the United States right now, with neighboring states like New Jersey (14.25%) and Pennsylvania (36%) applying much lower tax rates to their markets.
With that higher tax rate comes a larger revenue share, and in New York’s case industry experts have projected that the mobile sports betting market to eventually generate $1 billion in annual revenue, which should equate to $493 million in yearly tax revenue by the beginning of 2025.
It’s online sports gambling money that New York bettors have already been spending out of state using either risky offshore sportsbooks or by visiting neighboring states like Connecticut and New Jersey where such activities have already been legalized.
Now that the proposed rules for mobile wagering have been adopted by the commission, as indicated by the notice in the state register, New York’s online sportsbook must now ensure several regulatory and technical requirements are met before they can go live.
Keep checking back for the latest news and updates on this ongoing 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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