Four Mobile Betting Ops Enter the NY Market

By | January 10, 2022

According to the trending news about the bookmaking industry, the New York Gambling Commission (NYGC) has opened a mobile betting market in the state. Four sportsbook companies were licensed to provide their services to New Yorkers.

New York State Senator and the Chair of Racing, Gaming, and Wagering Committee, Joseph Addabbo Jr., has welcomed the new legislation. Addabbo Jr. claims that the mobile betting market will help generate higher revenues, new jobs, and create addiction programs. The senator highlighted that the GC handed out first licenses before the NFL playoffs.

New York became the only eighteenth (out of thirty-two that allow wagering on sports) US state to legalize mobile sportsbooks. As of 9 am ET on January 8, these four ops were able to legally offer mobile bets in the state:

FanDuel;
 Caesars;
DraftKings;
Rush Street Interactive.

NYGC reports that these sportsbooks have successfully met all the regulatory and statutory requirements. While the regulator hasn’t published the list of the necessary criteria, all Commission’s licensees had land-based venues in the state.

Five betting ops are yet to receive their licenses

The NY Gambling Commission has accepted a total of nine applications. Four ops have already received their licenses for mobile betting. The other five applicants – BetMGM, Bally’s Corporation, Wynn Bet, PointsBet, Resorts World – are still waiting for their permits. GC claims these companies have to work towards meeting all the criteria.

All bidders will be taxed at one of the highest rates in the US – 51% of the GGR. Additionally, all sports betting companies had to pay a licensing fee of USD25 million. The analysts from the investment bank Macquarie Group Ltd predict that by New York mobile betting market will generate USD1 billion in annual GGR and USD500 million in taxes.

To know more about the gambling market of the USA, follow the Login Casino website.

Read more: Ultimate guide to the Bovada sports betting services

Read more: The best tips for betting on football

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