- New York has awarded online sports betting licenses to a total of nine sportsbooks
- Regulated online sports betting will generate billions of dollars for the Empire State
- Online New York sports betting should get underway before Super Bowl LVI in February 2022
After many days of speculation, New York has officially awarded online sports betting licenses to nine different sportsbooks.
Online New York sports betting is expected to launch in time for Super Bowl LVI on February 13, 2022.
Nine Online Sportsbooks Lead the Way in the Empire State
The New York State Gaming Commission has identified a total of nine different sportsbooks that have received online sports betting licenses:
- FanDuel NY
- DraftKings NY
- BetMGM NY
- Bally Bet NY
- Caesars Sportsbook NY
- PointsBet NY
- Wynn Interactive
- Kambi / Rush Street Interactive
- Empire Resort
These licenses will be valid for 10 years, and there were some big names that did not receive online NY sports betting licenses. Penn National Gaming (Barstool Sportsbook/theScore Bet), Bet365, FOX Bet, and Fanatics were not awarded licenses.
NY Online Sports Betting Expected to Launch Before the Super Bowl
The online sportsbooks listed above are expected to launch their betting sites and mobile apps ahead of Super Bowl LVI.
New York online sports betting is set. The New York Gaming Commission has approved the following operators for online sports betting in the state:
— RLinnehanXL (@RLinnehanXl) November 8, 2021
While an official launch date is yet to be determined, online New York sports betting should be available before the final kickoff of the season. The Empire State has been hopeful to get sports betting online before the biggest wagering day of the year, and with sports betting licenses now issued, it looks like they’re going to hit their target.
Online New York Sports Betting Will Be a Multi-Billion Dollar Industry
In-person sports betting at retail sportsbooks has been available in New York since June 2019, but the state has been missing out on crucial revenue without legal online wagering.
The sportsbooks selected in New York have agreed to a 51% tax rate on their profits that will be paid to the state. This is significantly higher than other states, and as a result, the sportsbooks listed above might offer less-favorable odds as they attempt to make up for the high rate of taxes.
New York online sports betting tax rate will be a major obstacle to profitability, but state's massive population still attracted most major sportsbooks; New Jersey sees roughly $1 billion in monthly handle during football season, an estimated 25% of which comes from NY residents
— Ryan Butler (@ButlerBets) November 8, 2021
Many sports bettors in New York have been crossing into New Jersey, where online sports betting has been legal and available since June 2018. The Garden State recently collected over $1 billion in total betting handle through the month of September 2021, and New York is going to see similar figures.
Stay tuned to Sports Betting Dime for all the latest details surrounding online sports betting in New York!