4/3/2022

New York Mobile Sports Betting

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It’s been over two years since the kind justices on the Supreme Court finally made it possible to bet on sports without having to take a trip to a casino or hit up the bookie you have saved as “Pizza” in your phone—which you can now use to wager from the comfort of your couch in a number of states that permit mobile betting within their borders.

As a resident of New York, I’ve sort of felt like a popular girl in high school who’s been forced to sit at the lunch table while watching other people get an invitation to this particular party despite being nowhere as cool as she is, as there’s nothing more frustrating than knowing people in Iowa of all places are allowed to get in on the action while I’m forced to make the dreaded trek to New Jersey if I want to do the same.

Given legal, out-of-state sports betting options in Pennsylvania and New Jersey, New York is missing out on $1 billion a year, Addabbo said. “Twenty-five percent of mobile betting in New Jersey. Sep 15, 2020 Retail sports betting launched in New York in July 2019, but the addition of mobile sportsbooks could push New York into a status as the biggest online sports betting market in the US. Flourishing New Jersey Market Could Predict New York Success.

While lawmakers in the state have repeatedly dangled legislation concerning the issue in front of their constituents, nothing has come to fruition. However, Andrew Cuomo gave us a glimmer of hope earlier this week when he voiced his support for a measure that would finally make mobile betting legal in the hopes it could generate some much-needed revenue in the wake of the economic fallout related to the pandemic.

Now, we’ve got an idea of what could be in store, as Legal Sports Report says Senator Joe Addabbo Jr. and Assemblyman Gary Pretlow have unveiled an updated version of a proposal that was previously shot down that outlines a vision for how mobile betting could be instituted. Under the law, up to 14 different companies would be allowed to pay the $12 million required to register their platform, with revenue being subjected to levies that are projected to net the state up to $79 million in tax money each year.

As Darren Rovell notes, Cuomo may unveil a plan of his own based on his stated preference to have New York’s lottery commission oversee betting in the state, which hasn’t panned out as intended in some of the other locales that have taken that same approach based on the underwhelming amount of money they’ve been able to generate for their coffers.

With that said, I’ll be happy with whatever plan allows me to finally spend my Saturday getting way too invested in a game between George Mason and St. Bonaventure on ESPN+ in the hopes I can turn $5 into much, much more if my seven-game parlay hits.

New York online sports betting could end up as a billion-dollar industry if N.Y. Gov. Andrew Cuomo approves a mobile sports betting bill in New York.

NY Sports Day projects a potential $900 million in annual revenue for online sports betting if the current language of NY State Senate Bill 17D remains intact. The $900-million figure would result in the state bringing in $108 million in tax revenue.

Senate Bill 17D would approve the launch of up to seven mobile sports betting skins in New York. Each of the state’s four commercial and three tribal casinos could operate one online sports betting platform.

Mobile sports betting revenue would be taxed at 12%, and each operator would pay a one-time licensing fee of $12 million to enter the market. Those licensing fees amount to another potential $84 million for the State of New York.

The bill passed through the New York State Senate by a landslide 57-5 vote. Governor Cuomo’s signature on the bill would put the final piece in place for legal online sports betting to launch in the Empire State.

Retail sports betting launched in New York in July 2019, but the addition of mobile sportsbooks could push New York into a status as the biggest online sports betting market in the US.

Flourishing New Jersey Market Could Predict New York Success

When Will New York Have Mobile Sports Betting

New Jersey’s success in the online sports betting space reveals a look at what could be if New York legalizes mobile sports betting.

New Jersey launched online sports betting in August 2018. The state realized $269 million in mobile sports betting revenue from August 2019-July 2020. August 2020 saw New Jersey’s online sportsbooks bring in a record-setting $668 million in betting handle.

New Jersey’s 9-million population is less than half of New York’s 19.4 million. The state currently benefits from New York bettors contributing a healthy amount to New Jersey’s online sports betting revenue totals.

Ny mobile sports betting legislation

Nys Sports Betting

NY Sports Day looked at the thriving New Jersey industry, as well as other successful online sports betting markets to make the $900-million estimate for New York. Revenue figures from mature US and international mobile sports betting markets were considered in the NY Sports Day projections.

Adjusting New Jersey’s 12-month figure of $269 million for New York’s population brings that number up to $586 million in potential annual revenue for New York. Factoring in New York City’s status as one of the top tourist destinations in the world should take that estimate even higher.

Another major factor that could boost New York’s online revenue figures is the retention of in-state wagers. Gaming research firm Eilers & Krejcik released a study in February 2020 that estimated New York bettors wagered $837 million in New Jersey in 2019.

If New York goes ahead with legal online sports betting, placing a legal wager would no longer require a trip to New Jersey.

More Skins Could Equal More Money

New York Mobile Sports Betting

The proposed sports betting laws outlined by Senate Bill 17D allows for one skin per licensed operator in New York. With seven retail casinos in the state, the maximum number of online sports betting skins would be capped at seven.

Proponents of online sports betting like New York State Sen. Joseph Addabbo Jr. want to see the state eventually expand the bill to allow for multiple skins per operator. NY Sports Day estimates that if the law allowed two skins per operator, annual revenue could go as high as $1.3 billion.

That revenue figure would result in New York collecting $156 million in taxes, and a total of $168 million in licensing fees from 14 operators paying the $12-million one-time fee.

“That’s gonna be an issue because obviously to maximize the revenue there would be additional skins,” said Addabbo in a recent interview with NY Sports Day’s Chris Gerlacher. “And you look at other states who have additional skins and right now we do not.”

New Jersey, Colorado, Iowa, and Indiana all allow operators to license up to three different online sports betting skins. New Jersey offers the largest selection of online sports betting brands of any US state, with 19 different sportsbooks.

Is A 2021 Launch Possible For Online Sports Betting In New York?

Nys Mobile Sports Betting

The road to mobile sports betting legalization has hit its share of hurdles in the Empire State. Lawmakers had the option of trying to pass a constitutional amendment bill that would allow retail casinos to offer online sports betting.

That amendment, if it passed, would have brought the issue to a public vote in November 2021. The deadline for introducing such a bill passed in August, however.

New York Mobile Sports Gambling

There is another way mobile sports betting could get the green light, however. New York legislators are expected to commence a special session to discuss the state budget before the end of 2020.

New York Mobile Sports Betting

Online sports betting could be included in a revenue enhancement bill as part of that special session. If passed, New York bettors could be placing legal wagers online sometime in 2021.