New York Sports Betting
Those looking for sports betting near me will be pleased to hear that there are several options to choose from. Several live sportsbooks are also battling for premium positioning in the New York sports betting world. In fact, New Yorkers have access to nine online sportsbooks when the first legal online sportsbooks go live in December 2022. There are also nine mobile sportsbook apps to choose from.
New York is a professional sports town, which means there are several teams that have fan bases that rival fanbases in other cities. This is one of the reasons that sports bettors in New York have been eager to see the legalization of sports betting come to fruition. This is also why there have been several bills introduced in the state legislature in the hopes that the state’s online sports betting market can be transformed into a more sustainable model.
The New York State Assembly has introduced a bill that would expand the number of approved online sportsbooks from nine to sixteen. The bill would also lower the state’s online sports betting tax rate from 51% to 25%. The New York Gaming Commission would receive a large share of the revenue from the new online sports betting companies. The state’s executive budget for 2022 projects $249 million in sports betting revenue for the state. This number is projected to increase to $518 million by 2027.
New York Sports Betting Laws
Sports betting near me has never been easier, safer, or more fun. In fact, legalized sports betting has already shattered a lot of handle records. It’s also become more convenient for sports bettors as the state’s online sports betting market expands. New York sports bettors can now wager from home while enjoying the convenience of mobile betting.
The New York Legislature has also passed a bill that will allow for the opening of a sports betting lounge at Yankee Stadium. This will allow sports bettors to wager from home without having to leave the stadium. However, there will be no retail sports betting locations at the stadium. Those interested in wagering on the Yankees or other New York teams can choose to bet in New Jersey.
The New York State Gaming Commission has also released handle and revenue reports for January. In October of ’21, the Commission announced a tax rate on sportsbooks. The tax rate is 51%, and the state’s online sports betting market is expected to reach $1 billion in revenue by 2022.
The New York State Gaming Commission has announced nine sportsbooks that will be licensed to operate in the state. These include Caesars Sportsbook, BetMGM, WynnBET, PointsBet, Fanatics Sportsbook, BetRivers Sportsbook, and Bally Bet NY. Bally Bet is relatively new to the online sports betting scene, but it has already made a name for itself in Virginia, Indiana, and Colorado. It will be the ninth sportsbook to launch in New York in 2022.
The New York State Gaming Commissioner also announced that the state will receive $2.3 million in betting revenue for December 2020. As with other states, the New York sports betting market is expected to grow. In fact, the state expects $493 million in annual tax revenue by 2025.