Legal sports betting in New York is inevitable. Sooner rather than later, New York will join a growing number of U.S. states with legal wagering, and steps are being made towards a 2022 launch. We’ve seen some huge rollouts for legalized sports betting recently, such as in Arizona and Connecticut. Both states launched sports betting during the high-octane football season, and it’s already been a success. Now, with some recent New York sports betting news, bettors are one step closer to placing a wager in the Empire State. Let’s take a look at the sports betting operators that have been officially confirmed for the New York sports betting launch.
DraftKings, BetMGM, and More Sportsbooks Get New York Betting Licenses
It’s a good time to be a New York sports bettor. During a meeting on Monday, the New York State Gaming Commission officially recommended a number of different sports betting operators. Two different major bids were made and confirmed. For one bid, the primary applicant was FanDuel Sportsbook and included DraftKings, BetMGM, and Bally Bet. The other bid’s primary applicant was Kambi, which was confirmed along with PointsBet, Rush Street Interactive, Resorts World, Caesars Sportsbook, and WynnBET.
One interesting wrinkle of this news is the taxation angle. Total sports betting revenue will be taxed at 51%, which is approximately five times the U.S. average. Due to the current tax rate, the sportsbook licenses look to last an entire decade. Additionally, some of the confirmed sportsbooks saw a minor jump in stocks following the announcement. Keep in mind that there are still some minor obstacles before the official launch, such as sportsbook lab testing.
What Sportsbooks Aren’t Getting Licenses?
As exciting as this news is for sports bettors and the big winners, not every sports betting operator was so lucky. One bid, also involving primary applicant Kambi, also wasn’t approved and would have included Fanatics Sportsbook and Barstool Sportsbook. Other bids by bet365, theScore Bet, FOX Bet all failed as well. The closest of these unsuccessful bids was by bet365, with a high enough score to be considered for approval. Interestingly, the addition of bet365 would have dropped the overall tax rate from 51% to 50%.
New York Sports Betting To Launch By Super Bowl LVI
With the wheels fully turning for legalized sports betting in New York, the next big question on everyone’s minds is when the official launch date will be. The current projection is for the launch of New York Sports betting by Super Bowl LVI. The event is planned for Sunday, February 13th of 2022, and should attract a major handle with legalized wagering. However, the rollout could happen during this year’s NFL playoffs.
Because the licenses have been approved earlier than many expected, New York sports bettors could be placing postseason wagers in January. Launches might happen even sooner, as approved regulations must still be printed in the state register. If submissions are successful by tomorrow afternoon, printing would happen on November 24th. One thing’s for certain: New York won’t have to wait too much longer to join the ever-growing sports betting landscape.