New York online sports betting: State prepares for much-awaited launch

New York online sports betting: State prepares for much-awaited launch

Excitement has returned to the sector as the Empire State prepares to launch mobile sports betting tomorrow, following the announcement of a batch of licenses last year. 

New York sportsbook bannered by four operators

After the New York State Gaming Commission approved the four mobile sports wagering providers, DraftKings, Rush Street Interactive, FanDuel, and Caesars, to begin operations on Saturday, 8 January, at no early than 9 a.m.

After the former duo expressed their initial delight about the forthcoming debut, Chris Holdren, co-president of Caesars Digital, stated in a statement acquired by Forbes that the group is “ecstatic” to be one of the market’s first operators.

“Today’s news out of New York represents a significant step forward in the growth of sports betting. From Buffalo to the Bronx, New York is a special place,” he remarked.

Taking a step away from these businesses, Group has indicated a willingness to provide marketing services to licensed online sports betting operators in the region once the industry is legalized. In preparation for the New York debut, the business has created two regionally focused websites where sports bettors may access reputable, thorough, and up-to-date information about sports betting in the state. According to the company, it satisfies the relevant requirements to provide marketing services to licensed operators in the area under the NYSGC’s guidelines.

The remaining five licensees, which include BetMGM, Bally’s, Wynn, Resorts World, and PointsBet, will continue to meet all applicable statutory and regulatory requirements and will be approved on a rolling basis they are satisfied. Earlier this week, PlayNY forecasted that New York will “have significant challenges” in reaching its initial projected $500 million in annual tax collection by 2024, owing to the state’s 51% tax rate.

To achieve this goal, it added, New York’s nine online operators must combine for $1 billion in gross gaming revenue, a figure that a US market has never achieved in a single year.

Quotes from the Press Release

“It’s tough to exaggerate the importance of New York State legalizing online sports betting,” said Charles Gillespie, CEO of Group.

“As the most significant state by population to have legalized sports betting in the United States to date, there is an excellent chance for the New York market to become the largest jurisdiction for sports betting not just in the country, but in the world.

“ Group is ideally positioned to assist operators and clients in establishing a foothold in this emerging and fascinating market.”

Meanwhile, Better Collective announced that it had signed cooperation deals with three of the four artists slated to make their debuts and discussions with the fourth.

“Unlocking the fourth most populous state in the United States to mobile sports betting is a watershed moment for Better Collective and our increasing portfolio of US assets,” said Marc Pedersen, CEO of Better Collective US.

“We are well-positioned and excited to continue providing sports betting information to the hundreds of New York-based sports enthusiasts who visit our sites every day.”

Elsewhere, Kambi CEO Kristian Nylén called the launch a “major milestone” in the company’s growth. Kambi was a primary applicant for one of the applying consortiums.

“Being approved to operate in New York by the New York State Gaming Commission demonstrates the high quality, integrity, and reliability of Kambi’s sports betting technology, and I’m delighted that Kambi will be operational on day one of the market, just in time for the NFL season’s business end,” he added.

“New York is one of the most populous and sports-obsessed states in the United States and will undoubtedly become one of the largest regulated wagering markets in North America, which we are both excited and honored to be a part of.”

About Lou De Aguila

Lou Aguila is a news and feature writer for Golden Casino News. For over a decade, Lou has published news and featured articles for some of the most reputable sports betting and online casino sites in the world, including BetNow.UK, VegasOdds, and BWin. Apart from being a hardcore live casino punter, he also covers sports stories in North American leagues from time to time.