Get Out Your Phones New York and You Can Start Betting!
Monday was a big day for sports wagerers that reside in the State of New York. After watching the New York Racing Association successfully launch their mobile app and seeing their fellow enthusiasts in other states being able to bet on NFL games right from their phones, New Yorkers can finally join the party. On Monday New York State Gaming Commission gave the OK for 9 operators to launch mobile sports betting sites for the state.
As reported by Dave Goldiner of the New York Daily News, "The state gaming commission approved the betting sites on Monday including industry giants DraftKings and FanDuel Sportsbook, opening up what is anticipated to be a highly lucrative market, possible in time for the Super Bowl. The operators also include BallyBet, BetMGM, Rush Street Interactive, Caesars Sportsbook, Wynn Interactive, Resorts World and PointsBet."
New Yorkers are a large market for this easy venue to wager on professional and collegiate sports. This certainly will generate a ton of revenue for these 9 operators “We’ve been looking forward to the opportunity to bring mobile sports betting to New York. With more than 19 million people, New York will be the biggest mobile sports betting market in the country,” Tom Reeg, CEO of Caesars Entertainment, said in a statement, as reported by nydailynews.com.
Mobile sports betting was approved by the state legislature and the senate back in April with the 2021 budget. State officials conservatively believe that mobile sports wagering can bring in more than a half billion dollars to the Empire State coffers. In a statement after Monday’s vote, state Sen. Joseph Addabbo, Jr., who had pushed for the approval, said, “I am confident that with the announced, credible winning bids, we have the potential of eclipsing other states in mobile sports betting handle, raise significant revenues and funding for education and youth sports.”
Unfortunately, the revenues are often promised to go to "education and youth sports" but as in the case of the New York Lottery, the money finds ways around it. According to Goldiner's article, "Mobile betting operators will have to pay 51% of their revenue to the state." This has been a long anticipated win for sports wagerers that live in New York, a win that will be enjoyed by the 9 operators and the state, as well.