Mobile Sports Betting may Launch Sooner than Anticipated in New York
Residents in New York have been able to place sports betting wagers at brick-and-mortar casinos for months.
As New Yorkers potentially await mobile sports betting to start in the state, sportsbooks that received approved licenses are using their partnerships and marketing strategies to gain an edge in the lucrative market.
Mobile Sports Betting in New York to Become a Reality Soon
For several months, lawmakers in New York have had high hopes to launch mobile sports betting before the Super Bowl. As the sports betting industry heads into the New Year, potential sports bettors across the state received the news they were hoping for.
Sports bettors in New York may be able to place wagers for the entirety of the NFL playoffs if everything goes according to plan. State Sen. Joseph P. Addabbo Jr. stated on NYSportsDay.com that the operation could launch a month sooner than anticipated.
He went on to say “, I remain hopeful that New Yorkers will finally be able to partake in mobile sports betting around mid-January… And given the growing anticipation along with New York’s stature in global sports, I believe with a premier product we have great potential to realize huge advances in revenue, educational resources, jobs, and new gaming addiction funding.”
The New York Gaming Commission is still doing more extensive work in the process of making sure they meet all the rules and regulations before launch. There is no set date when mobile sports betting will launch, but sportsbooks will be ready to launch when the servers are up to date and able to process wagers.
Back on November 8th, nine sportsbooks were given licenses to operate in the state. FanDuel, DraftKings, BetMGM, and Bally Bet were the first group to walk away with successful bids, and Rush Street Interactive, Caesars Entertainment, PointsBet, Wynn Resorts, and Genting Resorts World was the next group.
Some reputable sportsbooks did not make the cut. Barstool Sportsbook and a pair of European-based companies that included Unibet and bet365 were unable to receive a license.
While sports betting in gaming facilities has been legal since 2019, sports betting will give the market a much-needed boost. New York’s tax rate is relatively high as it will be set at 51 percent for these online providers based on profit.
Neighboring states like New Jersey have benefited from New York not having an established market. New Jersey has set their tax rate at 8.5 percent for in-person wagers and 13.5 percent for online platforms.
Which Sportsbook Could Take the Biggest Market Share in New York
New York offers many ways consumers can place bets on numerous events. However, betting on in-state collegiate teams is still prohibited.
The Caesars Sportsbook may potentially have the resources and offerings to take most of the state’s market share. Caesars has already established retail locations throughout the state, but the convenience of mobile sports betting may bring more customers.
Caesars has an extensive line of partnerships in the industry. This includes being recently named the official sports betting of the New York Knicks, New York Rangers, the Garden, and MSG Networks.
Caesars Sportsbook will also bring their most valuable promotion when mobile sportsbooks launch in the state. The promotion will be a first bet match that will be worth up to $1,001 in bonus funds.