Author:
Mike Goodpaster
Publish Date:
01/19/2022
Experiences:
The man behind The Grueling Truth - Where Legends Speak
Experiences:
The man behind The Grueling Truth - Where Legends Speak
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When Will It Be Legal to Register with Online Sportsbooks and Betting Sites in NYC?
From January 8th, 2022, at 9am, New Yorkers were finally able to legally place bets on their favorite sporting events using online operators.
Sports wagering in New York City has been legal for some time, following the passing of an act in 2013 and the establishment of a regulatory framework introduced in 2019. However, until very recently, residents of New York were only able to place wagers on sports in person at licensed physical venues. The launch of online betting in New York featured big brand names including Caesars Sportsbook, DraftKings and FanDuel.
It is expected that New York will rapidly become one of the biggest markets for betting in the US. Predictions from regulatory intelligence service and industry trade publication Vixio GamblingCompliance forecast revenues of over $667 million in the first year of trading alone. Vixio also projected annual gross revenues will hit $1.1 billion by as early as 2025, which would place New York firmly at the forefront of US betting markets.
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New York Sports Betting Market
The market for sports betting in New York has already been proven, with many residents travelling to other states such as New Jersey and Pennsylvania to place their wagers. Bookmakers are now calling on those bettors to give the New York products a try. While the tax rate on gross revenue for sportsbooks operating within New York has been set high at 51%, punters can expect to see very similar products to those previously only available in surrounding states. The high tax will ultimately benefit New Yorkers and many of the biggest names in online sports betting will not be put off as the sheer size of the market should make it possible to generate reasonable profits.
So, when can you register with online sportsbooks in NY? The answer is now – since 9am on January 8th there have been nine fully licensed and regulated sportsbooks permitted to operate within the boundaries of New York state. There are also mobile sports apps for bettors on the move, and of course fans can still visit their favorite casino or bookmakers to place their wagers in person as before.
Online Sportsbook Licenses in New York
Initially, the New York Gaming Commission had a requirement to award licenses to a minimum of four online sportsbooks and two platform providers to run online betting in New York. The final decision to license nine operators hints at the possibility that there could be even more licenses issued in the near future. The result for bettors in New York is a more competitive market, with plenty of big sportsbook brands like Resorts World NY now legally available to them. Other states are not quite so lucky, Washington DC, Rhode Island and New Hampshire, only have a single licensed online operator in each state.
Some of the casinos in New York are also now running online sportsbooks as a complementary service, Caesars New York is one of those. Not all of them offer this service though, so visitors may want to check before logging in to their preferred operator’s website to see if they are licensed for online betting in New York.
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