New York approves nine licensees for mobile sports betting
By Steve Carp
Sports bettors in New York State got their long-awaited present Monday — mobile sports betting.
The state’s Gaming Commission approved nine sportsbook operators through two different tech providers — Kambi and Flutter — to have legalized mobile sports betting in the Empire State. The nine are familiar names to gamblers:
- Caesars Sportsbook
- Bally Bet
- Resorts World
- Rush Street Interactive
Those operators will have to pay a $200 million licensing fee and will be taxed on gross revenue at a whopping 51%. The licenses are good for 10 years. In addition, all of the approved companies have to be aligned with land-based casinos.
The hope is the mobile sports books will be operational by the Super Bowl in February. However, some could launch earlier depending on if their paperwork with the gaming commission is in order.
While nine entities were approved, four others were denied licenses. Those include Barstool Sportsbook, bet365.com, FOXBet and theScore Bet.
New York has had legalized sports betting since June 2019. However, it has been limited to retail operations in properties in upstate New York. There is no retail sportsbook operation in any of New York City’s five boroughs, Westchester or Long Island.
But with the launch of mobile sports betting, New Yorkers who live in the metropolitan area will no longer have to drive to New Jersey in order to bet. Estimates have the amount generated in taxes to the state at half a billion by 2025 and handle is expected to be in the billions. New Jersey did over $1 billion in business last month.