Online Betting Going Live in New York
Online sports betting is coming to New York, with the New York State Gaming Commission setting the launch time for Saturday at 9:00 AM ET.
New York sports betting officially launched back in 2019, but all betting had to take place in person. This kept the state from seeing how much growth was in the industry, but former Governor Andrew Cuomo helped pass a bill to change this rule.
After the initial launch of the four sportsbooks, the NYSGC is expected to approve at least five more licenses on a rolling basis. It’s unclear how quickly the following options will launch, but the four operators are getting a clear head start.
Senator Joseph Addabbo was the one that was leading the charge for mobile sports betting, but he was able to generate enough support along the way. In November, online betting officially became a legal option, but it took time for mobile sportsbooks to be approved.
Online sportsbooks in New York will be required to pay the state a 51% tax on all generated revenue. This is tied for the highest tax rate in the U.S., but it hasn’t kept the top operators from seeking out a license.
Time to Compete With New Jersey
New Jersey is the largest sports betting market in the U.S., with back-to-back months bringing in more than $1 billion in total sports betting handle. New Jersey has benefitted from New York residents entering the state to place wagers, but that is no longer the case.
It will still take some time before residents of New York can get signed up at all of the online sportsbooks, and New Jersey will still be the leader in the meantime. Expect to see these numbers getting tighter over the next few months, and New York could eventually emerge as the leader.
With New York offering online sports betting, it has become the most populous state in the United States.
Launch Coming At a Great Time
January was always the target month for online sports betting in New York, but launching this early into the month will provide a significant advantage.
The College Football Championship Game is set for Monday, January 10, and the four sportsbooks will all be able to accept bets on the biggest college football game of the year.
Sportsbooks will also accept wagers on Week 18 of the NFL season and the entire NFL Playoffs. Since the NFL is the biggest betting market in the U.S., New York should post some pretty strong sports betting handle numbers for the month of January.
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