New York - mobile sports betting is now legal

The legalization of online sports betting in the United States continues. More and more states are legalizing popular online gambling, but everything takes time. Those who wanted to place their online bets in New York originally drove to the New Jersey border. New Yorkers could also try their luck there and wager amounts on their favorite teams or sports. As of Thursday, however, it became clear that as of Saturday, Jan. 8, it would be possible to bet on mobile sports betting platforms.

Licensed providers must offer mobile sports betting

When it comes to online sports betting, there is no uniform regulation in the U.S. because each state there decides for itself. For this reason, mobile sports betting was considered illegal in New York, while it has been legal in neighboring New Jersey for some time. As a result, large numbers of New Yorkers made their way to New Jersey's borders to bet on sports online. In the meantime, however, there have been legal changes in New York, so the state is now considered another state where mobile sports betting is allowed. Because of this, the online gambling market in the U.S. continues to grow, which is why . major bookmakers such as Tipico & Co. are entering the U.S. market .

The Gambling Commission has selected 9 operators that will offer legal and licensed mobile sports betting in New York . These include providers DraftKings, FanDuel, sports betting without ssn and Rush Street Interactive, all of which are fully compliant. For this reason, the 4 providers mentioned could start offering mobile betting as early as Saturday.

With BetMGM, Wynn Interactive, BallyBet, Resorts World and PointsBet, there are also 5 other providers to complement the 9 operators. However, they are still working on completing the necessary requirements for approval. Along with Fanatics, Fox Bet and Penn National, there were 4 other candidates that did not make the short list. They could not hope to get a permit because they are unable to meet the necessary requirements.

Money Rain for the State

For the U.S. state of New York itself, the legalization of mobile sports betting means additional tax revenue. At the time, distributors estimated that the additional annual tax revenue would be $500 million. Anyone who wants to be licensed as a gambling group has to reach into their pockets. Companies pledge to pay taxes of 51% of turnover for 10 years . In addition, a lump sum payment of up to $25 million must be made in order to purchase a license.

The loser from legalization in New York is definitely the neighboring state of New Jersey. New Yorkers have always been diligent about getting there to bet and get around the ban on online sports betting. Since December 2020, sports betting turnover in New Jersey has been $20.9 billion , further highlighting the boom. However, in the future, experts predict a 20-25% drop in sales as New Yorkers will now bet in their own state.
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