First Mobile Sportsbook Apps Go Live in New York Saturday, With More to Come
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When New York online sports betting kicks off in New York Saturday morning, the Empire State instantly becomes the largest player in the game.
With nearly 20 million residents, New York is the fourth-most populous state in the U.S. The three states with more people — California, Texas and Florida — do not have legal sports betting.
That puts New York at the top of the heap.
Four Sportsbooks Going Live in New York
So far, four online bookmakers have received a green light from the New York Gaming Commission to begin accepting mobile sports bets Saturday at 9 a.m. ET.
The four are Caesars, DraftKings, FanDuel and BetRivers.
Five other online bookmakers will be approved on a “rolling basis” once they have met statutory and regulatory requirements, according to the state Gaming Commission.
These five are BallyBet, BetMGM, Wynn Resorts, PointsBet and Genting’s Resorts World.
State Staggers Mobile Start Dates
Matt Kalish, co-founder of DraftKings Sportsbook NY, said Friday on CNBC’s “Squawk Box” that being one of the first online bookmakers to launch on Saturday could have advantages.
“We want to lead in every market that we enter,” he said. “That starts with entering first. In New York, we’ll be one of the first operators to go, and then from there, competing effectively and gaining a strong market share position.”
State gaming officials have not indicated when the other online bookmakers will be given the OK to start.
However, state Sen. Joseph Addabbo, D-Queens, said he is looking forward to the other five operators meeting the statutory and regulatory requirements so they can make their apps available “in the near future.”
Addabbo is chairman of the state Senate Committee on Racing, Gaming and Wagering.
Mobile Betting Benefits Education and More
The senator also said Saturday’s startup date, occurring before the NFL playoffs this month, is “great news” in terms of the funding that mobile sports betting is expected to generate for education and other state programs.
Nationwide, most sports betting revenue comes from online wagering.
The startup in New York is happening not only in time for key NFL games, but also for the College Football Playoff National Championship on Monday between Alabama and Georgia.
New York’s Mobile Tax Rate Highest in Nation
New York is taxing the online bookmakers at a 51% rate. That equals New Hampshire’s highest-in-the-nation rate, also at 51%.
In New York, officials expect online bookmaking to generate a profit of $1 billion each year, with the revenue split between the state and online bookmakers, according to the New York Post.
Mobile Wagering OK’d Last Year in Empire State
In 2019, sports betting began at on-site casino sportsbooks in upstate New York. Until Saturday, bettors have not been allowed to use their smartphones or computers to make legal bets on sporting events.
Last year, in November, however, the state Gaming Commission approved nine online bookmarks to operate mobile sports betting platforms across the state. This opened the door to mobile sports betting anywhere in New York, starting Saturday.
New York Sports Betting Rules
Once mobile wagering is up and running on Saturday, bettors can use credit cards to fund accounts up to $2,500 each year, the Post reported. Bettors must be at least 21 years old.
The state is not capping maximum bets, though the online bookmakers can set their own limits.
Winnings over $600 count as taxable personal income, according to the newspaper.
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