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New York online sports betting finally launches

New York online sports betting finally launches

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New York Online Sports Betting Finally Launches

Online sports betting launched in New York on Saturday morning.

After months of anticipation, New York online sports betting has finally launched and is now live throughout the Empire State.

As of 9 a.m., DraftKings, FanDuel, Caesars and Rush Street Interactive all went live. The New York Gaming Commission approved the four operators earlier in the week for launch.

The remaining five operators - Bally Bet, Wynn Interactive, PointsBet, Resorts World and BetMGM - are still working to complete the necessary regulatory requirements to launch, according to the gaming commission.

Users can now sign up with FanDuel NY, DraftKings NY and Caesars NY:

  • Click here for FanDuel NY.
  • Click here for DraftKings NY.
  • Click here for Caesars NY.

New York's Online Sports Betting Journey

It signals the end of a nearly eight-month long journey after former Gov. Andrew Cuomo included online sports betting in his approved 2022 Fiscal Year state budget.

Sportsbook operators jockeyed for position throughout the process, and in some cases partnering with rival companies, to submit the best bid packages to operate in the state.

In early November, the New York Gaming Commission announced it had made its decision. The commission unanimously approved eight platform providers and nine operators to conduct online sports betting in the state.

The following New York sportsbook operators will be allowed to conduct New York online sports betting:

  • DraftKings
  • FanDuel
  • BetMGM
  • Bally Bet
  • Wynn Interactive
  • Caesars
  • PointsBet
  • Rush Street Interactive
  • Resorts World

Each operator will house its server used to process online sports bets at one of four brick-and-mortar casinos in the state.

Additionally, the New York Gaming Commission approved the following eight platform providers, which will host the backend and provide gaming technology for the operators:

  • DraftKings
  • FanDuel
  • BetMGM
  • Bally Bet
  • Kambi
  • Caesars
  • Wynn Interactive
  • PointsBet

New York Online Sports Betting Licenses Run 10 Years

The commission set the state's final tax rate at 51%, the highest in the country (with New Hampshire) and awarded 10-year licenses to the operators and providers.

Additional licenses can be awarded in the coming years if determined to be in the best interest of the state.

The commission noted the Kambi, Caesars, Wynn Interactive and PointsBet bid was the highest-rated applicant. The group submitted a tax rate of 64%, which the other groups had to match to be considered as finalists.

As it was in the best interest of the state, the gaming commission also accepted the FanDuel, DraftKings, BetMGM and Bally Bet group, effectively lowering the overall tax rate to 51%, according to the final tax rate matrix set by the commission.

Bet365 was the only qualified finalist that was not selected by the Gaming Commission.

Left out of New York online sports betting is Bet365, Penn National Gaming (Barstool Sportsbook), Fanatics Gaming, FOX Bet and theScore.

In-State Collegiate Betting Is Prohibited

New York sports betting prohibits users to place wagers on in-state colleges, even if they're in a contest outside of the state. However, New York online sports bettors will be able to place wagers on tournaments held inside the state, just as long as it doesn't include a matchup with an in-state college.

Senator Joseph P. Addabbo Jr., a longtime proponent of New York sports betting and one of the early crafters of the original bill's framework, recently said this limitation isn't going away anytime soon.

It's in place to protect the New York collegiate athlete. New York online sports betting will be evaluated and improved as it moves forward, but no discussions have yet to be had on allowing sports betting on in-state colleges, he said.

Future of New York Online Sports Betting

In 2022, Addabbo Jr. will also attempt to bring horse racing and self-service sports betting kiosks into the fold.

Addabbo Jr. filed a bill, SB S7536, for the state’s upcoming legislative session to allow the nine qualified sports betting operators the ability to take horse racing bets on their mobile apps.

Additionally, the bill allows sports betting operators to partner with “select affiliates” to install self-service betting kiosks at their premises for customers.

If passed, the legislation would state sports bettors to place a fixed odds bet on a horse race through one of the nine online operators. The operator would have to partner and enter into an agreement with a horse racing content provider.

The bill would also allow select New York affiliates to partner with a qualified sportsbook to offer self-service betting kiosks on their premises. The bill defines an affiliate as any off-track betting corporation, professional sports stadium or arena, franchised corporation or licensed race track.

The bill will be heard in the state's upcoming legislative session for 2022.

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