Delayed Bidding Details For New York Online Sports Betting Released
- Bidding Details for NY Online Sports Betting Platform Providers and Operators Released
- Platform Services and Scoring Breakdown Laid Out for Potential Bidders
- Application Deadlines and Dates for Issuing Licenses Also Included
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Bidding Details for NY Online Sports Betting Platform Providers and Operators Released
After an eight-day delay, the New York State Gaming Commission (NYSGC) finally released its Request for Application (RFA) on Friday moving forward on its bid to offer online sports betting to Empire State gamblers.
This critical document gives bidding details to potential applicants who hope to receive one of the minimum two platform providers and four sportsbook licenses that will be issued by the state by the end of the year.
As we previously reported, the NYGC had originally promised to release the RFA by July 1, but that didn’t happen until a week and a day later, the complicated 130-page document now made public for the first time on July 8.
The RFA gives potential bidders a much clearer idea of what the commission will be looking for when choosing its license winners who will be bringing the state of New York $500 million in annual revenue, at least according to Governor Andrew Cuomo’s optimistic estimations.
Platform Services and Scoring Breakdown Laid Out For Potential Bidders
The RFA breaks down all the services that platform providers are expected to handle, including taking and registering bets, computing the wagering and payoffs, all while keeping records and maintaining the integrity of the platform and storing transactional data for seven years.
The new RFA also breaks down the complicated scoring system that bidders will be judged upon, with only those applicants who reach a minimum technical factor score of 60 points out of a possible 75 to be considered as qualified to apply.
For example, an applicant could earn up to 25 points for its sports betting expertise and up to 20 points for platform integrity and sustainability, with other factors such as relevant experience and diversity also coming into play.
Applicants can also increase their score by including a revenue-share agreement with one of the state’s tribal gaming partners as well as providing a tax rate that is fifty percent or greater, a rate that Gov. Cuomo has made a priority during this initial process.
Application Deadlines and Dates for Issuing Licenses Also Included
After some scheduled question-asking sessions, bidders will have until August 9 to submit their final proposals, with the NYSGC then selecting the finalists by December 6 when those bidders will have one last chance to amend their applications.
According to the RFA, the plan is to have the commission issue its first licenses in 150 days or less, which means by December or January at the latest once those final bids are in place.
Gov. Cuomo has made it his priority to use the lucrative online sports betting market to begin helping fund his state as he works to redirect money that New York gamblers have been spending out-of-state back into the at-home coffers that benefit his constituents.
Cuomo told the press:
New York has the potential to be the largest sports wagering market in the United States, and by legalizing online sports betting we aim to keep millions of dollars in revenue here at home.
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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.
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