new york online sports betting

Those hoping Bally Bet NY would be the seventh available sportsbook app for New York online sports betting will have to wait.

In an interview with Contessa Brewer on CNBC, Bally’s Chairman Soo Kim noted that Bally Bet would not launch in New York until at least April.

“There are five operators currently launched. We will launch in April,” Kim told Brewer.

Bally Bet NY Will Miss Out On Super Bowl

When Brewer commented that the April launch date would ensure Bally Bet misses out on Super Bowl LVI on Sunday, Feb. 13, Kim noted the company is fine with missing the event.

“We have a longer term plan,” he said.

Bally’s has had an interesting week so far. Earlier in the week news broke that Standard General submitted a proposal to Bally’s Corporation to purchase all outstanding shares of the company for a price of $38 per share.

Standard General is the largest stockholder in Bally’s Corporation, owning more than 20% of shares in the company.

“We don’t want to sell, but it’s a risk worth taking. We want to buy, and we disagree with the market. We’re willing to put our money where our mouth is. We’re excited about the business,” Kim said in the interview.

“We’re buying not because we think it will be worth more tomorrow, we’re offering to purchase because we think it will be worth a lot more in the near future.”

NY Online Sports Betting Charging Ahead

Earlier in the week PointsBet NY became the sixth sportsbook app to go live in the Empire State, joining Caesars Sportsbook NYDraftKings Sportsbook NYFanDuel NY and BetRivers NY.

The six sportsbooks will continue New York’s impressive charge to the front of the sports betting market.

New York online sports betting took in more than $603.1 million in handle during the first two weeks of online sports betting.

The four available sportsbooks posted gaudy numbers during the two weeks, with Caesars Sportsbook leading the charge in total handle.

  • Caesars Sportsbook: $257.7 million
  • FanDuel Sportsbook: $200.4 million
  • DraftKings: $134.4 million
  • BetRivers: $10.6 million

In terms of gross gaming revenue, the four sportsbooks produced a total of $48.1 million. With New York’s sports betting tax rate at 51%, the state has already take in more than $24 million in taxes.

  • Caesars Sportsbook: $22.7 million
  • DraftKings: $10.9 million
  • FanDuel: $14.1 million
  • BetRivers: $446,696

The most any state has taken in for a full month in sports betting taxes was Pennsylvania at $21.6 million in November.

Only WynnBet, Bally Bet and Empire Resorts remain to launch out of the original nine approved sportsbooks.

Covering regulatory developments in online gambling throughout this fine country.