Online sports betting licenses announced in New York

By Adam Burke  (VSiN.com) 

November 8, 2021 02:20 PM
USATSI_13492686

Licenses have been announced for online sports betting in the state of New York. So has the tax rate, which is something that really stood out for industry analysts.

On Monday, the New York State Gaming Commission announced that online sports betting licenses would be granted to DraftKings, BetMGM, BetRivers (Rush Street Interactive), WynnBET, PointsBet, Caesars, Resorts, FanDuel and Bally Bet.

Those sportsbooks will be asked to pay a 51 percent tax rate on gross sports betting revenue, which is about five times higher than the national average. Even with the state’s huge population, the high tax rate will be something to contend with for the operators.

Penn National (Barstool), bet365, theScore Bet, FOX Bet and Fanatics Sportsbook had their applications denied.

As recently written by Ben Fawkes, New Jersey just had its first billion-dollar month in betting handle. Today’s announcement will cut into New Jersey’s betting numbers, as it is estimated that about 25 percent of the NJ handle comes from the state of New York.

There is no projected start date at this time for online and mobile sports betting in New York, but a reasonable guess is that the testing and the final hurdles will be cleared around the New Year, which would mean that the sportsbooks would be up and running well in advance of Super Bowl LVI on Feb. 13.

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