It has been a long time coming, but New York online sports betting took a big step forward on Monday when the New York Gaming Commission awarded licenses to eight providers and nine operators.
New York online sports betting will likely begin around Super Bowl LVI in February 2022.
Who Were the Online Sports Betting Winners?
There were no big surprises stemming from a report last week that the commission had made up its mind as to who would receive an online sports betting license.
The gaming commission was obligated to name a minimum of two platform providers and four operators for the state’s online sports betting program.
The New York Gaming Commission made it official today, as members unanimously approved FanDuel Sportsbook, DraftKings, BetMGM, Bally Bet, Kambi, Caesars, Wynn Interactive and PointsBet as online sports betting providers.
Additionally, the commission approved FanDuel, DraftKings, BetMGM, Bally Bet, Caesars, Wynn Interactive, PointsBet, Rush Street Interactive and Resorts World as online sports betting operators.
The final tax rate will be 51% and the licenses will be for 10 years. Additional licenses can be awarded in the coming years if determined to be in the best interest of the state.
New York has the potential to be one of the largest sports betting markets in the U.S. and BetMGM is particularly well positioned to become a leader in the state given the strength of the M life customer database, close proximity of Empire City Casino to support our omni-channel strategy, and parlaying our already leading positions in nearby states,” said Adam Greenblatt, CEO, of BetMGM in a release.
Wynn Interactive CEO Craig Billings said New York represents the 19th jurisdiction in which WynnBET has secured varying degrees of market access.
WynnBET was included in a consortium that also partnered with the Oneida and St. Regis Mohawk compacted tribes of New York.
“We’re excited that the New York State Gaming Commission has approved our request for application for online sports betting,” Wynn Interactive CEO Craig Billings said in a release. “New Yorkers represent a significant portion of the Wynn Las Vegas and Encore Boston Harbor databases, and we look forward to giving those customers more ways to earn and use Wynn Rewards. We also look forward to meeting and engaging with new customers in the state via WynnBET.”
Top Scoring Online Sports Betting Bids
The commission noted the Kambi, Caesars, Wynn Interactive and PointsBet bid was the highest rated applicant. The group submitted a tax rate of 64%, which the other groups had to match to be considered as finalists.
As it was in the best interest of the state, the gaming commission also accepted the FanDuel, DraftKings, BetMGM and Bally Bet group, effectively lowering the overall tax rate to 51%, according to the final tax rate matrix set by the commission.
Bet365 was the only qualified finalist that was not selected by the Gaming Commission.
Left out of New York online sports betting is Bet365, Penn National Gaming (Barstool Sportsbook), Fanatics Gaming, FOX Bet and theScore.
We will continue to update this story as details come in.
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