If the Empire State wants to welcome legal online sports betting by the 2022 Super Bowl, the Gaming Commission must work feverishly through the end of the year to do so.
New Yorkers Betting Out-of-State
As of now, New York sports bettors are bringing their business to neighboring states such as New Jersey and, most recently, Connecticut. While these out-of-state options are keeping the peace among residents, New York State is missing out on huge tax revenues.
In April, former-Governor Andrew Cuomo signed mobile sports betting legislation into law, authorizing the operation of up to two online sportsbook licensees.
When betting goes live, sportsbook operators are expected to bring in over $500 million in tax revenues for the state. The money is expected to fund education, youth sports, and the reduction of gambling addiction.
Mobile Applications Unique to New York
Although two licenses may seem like too few, the legislation was written to promote collaboration between multiple US-based sportsbooks. Senator Daphne Jordan said that, at first, she was confused by the limitations.
“What I have heard in the past is that [in] New Jersey, they offer a lot of different sportsbooks… And so the variety and the choosings may be better in New Jersey, but now that I’m looking at how the actual applicants have bid … that may not be so.”
New York Senator Daphne Jordan
As a result of the legislation, the nation’s biggest sportsbooks are now teaming up for a chance at entering New York’s billion-dollar market.
Bally Bet, Bet MGM, DraftKings, and FanDuel have now hopped on a bid together. Competing right next to them are BetRivers, Caesars, Resorts World, and WynnBet.
Gaming Commission Processing Applications
While these two teams seem like the top contenders, many of the names such as DraftKings already have a retail presence in New York. The mobile market may be an opportunity for New York to diversify its betting landscape.
In August, news broke that New York-native Jay-Z had partnered with Michael Rubin’s Fanatics for a mobile sports betting bid. Fanatics, alone, is not much of a gaming authority in the US.
However, Jay-Z brings legitimacy to the bid as the Empire State’s pride and joy. Additionally, the New York Gaming Commission has said that they plan on prioritizing diversity in the sportsbook industry.
As the only sportsbook bid with a black executive on board, it will be hard for the state to commit to its promise of diversity without giving Rubin and Jay some genuine consideration.
All of the state’s mobile sportsbook applications have been submitted, but remain under thorough review. The New York Gaming Commission has set a deadline for itself of December 6th to announce the official licensees.
In the meantime, mobile bettors in New York can still get their kicks via offshore online sportsbooks. If you’re not sure what sportsbooks are available in your area, stick around and browse our library of resources.
Source: Times Union