New York State Awards Nine Operators with A Sportbetting Licence

It has been a long time waiting, and coming, as New York State gambling regulators have finally approved nine operators to operate mobile sportsbetting in its borders. Heavyweight favorites FanDuel, DraftKings and BetMGM were included among the licensees.

Licenses were announced on Monday, and companies will be taxed at 51% of their revenue for a 10-year period, one of the highest tax rates among all US states.

The licenses were announced on Monday as The New York State Gaming Commission chose two groups, with the major bookies conjoining in the main bids. Applied under FanDuel, DraftKings, BetMGM, Bally’s Corp. were all part of the first group that secured a license. A second group of “lucky” winners included Caesars Entertainment, Wynn Resorts, PointsBet Holdings, Rush Street Interactive, and Resorts World. This group’s lead was technology provider Kambi Group.

𝐒𝐭𝐚𝐫𝐭 𝐬𝐩𝐫𝐞𝐚𝐝𝐢𝐧𝐠 𝐭𝐡𝐞 𝐧𝐞𝐰𝐬!

We have secured market access in New York! See you soon pic.twitter.com/82aTirdJrW

— WynnBET (@WynnBET) November 8, 2021

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Since mobile betting was included in the state budget in April, regulators have been working hard to evaluate the bids. Only two out of a total six proposals made it and were rewarded a license. Among the unfortunate losers was the joined bid of Barstool Sportsbook (Penn National Gaming) and Fanatic Sportsbook. European giant sportsbookie bet365, Canadian theScore, and FOX Bet will be licking their wounds.

With the granted licenses. New York State Senator Joseph Addabbo, who chairs the racing, gaming and wagering committee, said he hopes the winning bids will be ready to operate before Super Bowl in February, if not sooner. Quoted by Bloomberg, he said:

“This is big. Once we enter the arena, we’ll eclipse New Jersey.”

Following the statewide mobile sports betting licence, BetMGM immediately announced a partnership with the New York Knicks, New York Rangers and the legendary Madison Square Garden

BetMGM x The World’s Most Famous Arena

We’re excited to announce a multi-year marketing partnership with Madison Square Garden!

More https://t.co/K15go8FJjf

— BetMGM (@BetMGM) November 9, 2021