It’s official, New Yorkers will soon be able to gamble online from the comfort of their home. On Monday, the New York State Gambling regulators had a meeting to approve two groups of gambling operators. The end result is New York Approves 9 Online Sportsbooks and Casinos for a gambling license.
The approval for an online sports betting license in New York took a long time to achieve. It was not until last April that mobile betting became part of state budget. Since then, the New York State Gambling regulators have been working hard on creating a gambling structure and evaluating bids. Now, regulators expect online sports betting to be available to New Yorkers in time for Super Bowl LVI.
According to sportsbook pay per head news, each New York Gambling license is good for 10-year. Unlike other states, a New York online gambling license comes at a heavy cost. This is because there is a 51% tax on sports betting revenue making it difficult for operators to profit. However, it has not put a damper on many companies who are trying to enter the New York sports betting market.
New York Approves 9 Online Sportsbooks and Casinos for a Gambling License
The winning online sportsbook that got the approval for an NY Gambling license are all large companies. Of course, since only large sportsbooks have the financial capabilities to enter such a large and expensive market.
Amongst those that got approval for an online gambling license in the first group include: Bally’s Corp, BetMGM and Entain. Interestingly enough, FanDuel got an online license and is joining forces with Draftkings. This is because the primary applicant is FanDuel but lists DraftKings as a sports betting platform provider and operator.
In the second group, Rush Street Interactive, Caesars Entertainment, PointsBet and Empire Resorts got the approval for a license. In addition, it also includes Kambi Group PLC which will be providing some betting technology.
Of course, there are losers and winners in any bidding war and the NY online gambling license is no exception. Amongst those that did not get a license includes, Barstool sportsbook, Fanatics Sportsbook, bet365, theScore Bet and Fox Bet.