New Yorkers can finally rejoice. Sports betting in New York is legal!
With the bill passed on January 8th to legalize all sports betting activity, land-based and online, sportsbooks have been clamouring to establish themselves in the Big Apple. You can see some recognizable names hungry to get involved. But, which sportsbooks are launching any time soon?
In these early stages, the New York Gaming Commission are selective about who they allow in. Only eight bookmakers have met these initial regulatory requirements, and there are plenty more nipping at the heels of the Gaming Commission. However, the eight that have been approved are up to standard and are among some of the best in the state.
DraftKings, FanDuel, BetMGM, Bally Bet, Kambi, Caesars, Wynn Interactive and PointsBet are all ready to get started with their platforms in New York. Bally Bet was one of the first finalists selected by the Gaming Commission and the Bally Bet NY bonus offer will be up for grabs in the near future.
The New York Gaming Commission will not only host platforms for these sportsbooks to get set up, but they also promise to provide gaming technology so their betting platforms can get off to a smooth start.
DraftKings, FanDuel, Caesars and Rush Street Interactive have already launched their platforms in the state on Saturday the 8th. The remaining five, BetMGM, WynnBet, Bally Bet, Empire Resorts and PointsBet New York, still have some work to do to meet the launching requirements. In an interview with Elite Sports NY, Senator Joseph P Addabbo indicated his excitement about the news industry.
“It’s exciting. This is obviously the moment we’ve waited for on Saturday (the 8th). We’re primed for a lot of success here in New York and I appreciate what the New York Gaming Commission has done. They’ve worked with the providers, the operators and the casinos upstate. They’re slightly ahead of schedule and we’re likely going to take the first bet before the NFL playoffs begin,”
New York has always been stringently against online gambling, so to see such a change in thinking is refreshing. But, it seems the primary reason online gambling was suddenly legalised is due to tax reasons. Both sportsbooks and bettors in New York will be taxed.
If you wish to hold a sports betting licence in New York, you’ll be taxed a total of 51% on all of your earnings. Your licence will also be valid for ten years, and to apply for a new licence, it will be decided if it is in the best interest of the state. As a bettor, you are liable to pay tax on your winnings, with the percentage determined by your annual income.
51% is a lot more generous than the original line of thinking. Kambi, Caesars, Wynn Interactive and PointsBet all submitted an original tax rate of 64%, and at first, the other four sportsbooks had to match that tax rate. Eventually, the New York Gaming Commission decided to lower the tax rate to 51%, as it was in the best interest of the state to also include the other successful sportsbooks.
The only sportsbooks left out were Penn National Gaming, Fanatics Gaming, FOXBet and theScore.
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