New York Mobile Sports Betting Begins Legalization Process Supported by Gov. Cuomo

New Bills Exit Committee

The New York Senate and the New York State Assembly both voted bills out of committee. This means that they can now be voted on, on the floor. This is the first step in the legalization process for any law in New York and the first major step for mobile sports betting in the state. The bills, S 1183 and A 1257 are sponsored by Sen. Joe Addabbo Jr. and Assemblyman Gary Pretlow, respectively.

Following this, both New York legislative branches will begin the process of discussion and, hopefully, will lead to a vote on the floor. Both the Governor and members of the State Assembly and Senate are extremely optimistic that this bill can not only get passed but expedited.

As a reminder, Governor Cuomo came out in support of mobile sports wagering to help balance the budgets and money lost from the pandemic. This relief for New York needs to happen quickly, which is why there is so much pressure on lawmakers to get this bill done and done fast.

Details of Sports Betting Bills

The current bill would allow for 14 mobile sportsbooks in the State of New York. This is because it will allow each of the four commercial casinos and each of the three tribal casinos to partner with up to two mobile sportsbooks. This means that a majority of the major players such as DraftKings and Fanduel, both of which are already partnered as physical sportsbooks in the state, will be able to offer their online mobile sportsbooks.

Each online sportsbook will have to pay a one-time $12 million fee to enter New York. This goes against most traditional annual fee models; however, it makes sense as New York is in need of cash and revenue right at this very moment. With 14 sportsbooks, this means that New York could be seeing a $168 million revenue boost this year.

The tax percentage will come in at 12% for online and mobile sportsbooks. However, it will only be 8.5% for retail sportsbooks in the state. Other points of detail include allowing betting kiosks at stadiums and race tracks.

When Will Sports Betting Arrive?

It seems that New York is almost deploying a warp speed plan to inject the state with revenue and get sports betting legalized. At this rate, it is very possible that sports betting launches in the state before the 2021 NFL season. This would be absolutely massive for both New York and the sportsbooks looking to enter the state. With online registration planned, the pandemic would most likely do little to affect the number of bettors and bets placed.

I would not be surprised if New York bettors will have their choice of mobile sportsbook by the time the 2021 NFL season kicks off in September of this year.

New York mobile sports betting is going to forever change the American betting landscape. New Jersey and the surrounding betting markets are going to be extremely affected by this, and it is going to be an interesting 2021 if New York does get the bills passed.