The Gambling industry in the United States has been gathering traction over the last few years after the change in their gambling laws and Bet365 are poised to go head to head with some of the more established American operators now that Bet365 have got their foot in the door.
12 months after sports’ betting was made legal in the US, Bet365 took their first steps into the American market after making a partnership with Hard Rock and launching its mobile app and online sportsbook for New Jersey in August of 2019.
Bet365 have also now set themselves up for a launch in New York with their partnership with Empire Resorts and already operate a land based sportsbook at Resorts World Catskills Casino.
To check out their new US site then take a look at Bet365 NJ homepage here.
Nine Approved for Online Sports Betting in NYC
The New York State Gaming Commission has recently announced that they have approved eight sports betting licenses for nine providers planning to launch mobile betting websites and apps.
Previously gambling online in NY was not allowed and players had to place bets in person at a land based venue but now this will allow bettors to gamble online.
Bet365’s own bid was unfortunately turned down on this occasion but their partnership with Empire Resorts keeps them well positioned for a swift launch when they are given the green light.
The nine organizations were separated into two factions. DraftKings, BetMGM, MGM Resorts’, Bally’s and FanDuel, which is operated and owned by Flutter Entertainment, submitted one of the supported bids for a 10-year permit, whilst the other licenses were won by Caesars, PointsBet, Wynn Resorts, Rush Street Interactive and Resorts World.
This means that New Yorkers will no longer have to travel into NJ where it is legal to gamble online to use their favourite online sportsbooks and casinos.
If you’re thinking of trying one of these online casino apps then check out some of the debunked myths surrounding mobile app security here
High Tax Rate Good for NY
After awarding these licenses the state will receive $200 million in licensing fees and also collect 51 percent of the gross revenue, the highest tax rate of any of the US states.
It’s believed that the online sports betting industry in NY could generate up to $500 million for the state in new revenue.
Governor Kathy Hochul stated that this represented a significant potential income for NY State and was looking forward to creating more opportunities for the people in this industry.
New York to Become Market Leader in Sports Betting?
New York State is the second largest state in the US to allow online sports betting, with a 20.2 million population. Florida, which is the largest state to legalise online sports betting has a population of 21.5 million but has only allowed the Seminole Tribe to provide online wagering so far, something that is being challenged in the federal courts.
NY State has now approved a much higher number of providers, along with a much higher economy thanks to New York City. In the 2nd quarter of 2021, New York had a GDP of $1.87 trillion, whereas Florida only reported $1.2 trillion.
With online sports betting only now being allowed and retail sports betting always being limited in New York State its estimated that New Yorkers accounted for around a quarter of NJ States gambling revenue which helped NJ supersede and replace Nevada as the US’ number one sports betting state.
If you’re new to New York and are looking for things to do then check out this cool, new app that allows people to share their interests in the area with other locals.
What next for New York?
So now that online sports’ betting has been allowed, when will we see the apps and websites become available to New Yorkers? After the awarding of these licenses the commission also approved regulations to oversee mobile sports wagering in the state but the commission must publish these regulations on the state register before any providers can roll out their betting apps.
State Senator Joseph Addabbo had previously stated that the idea was for these gambling apps to be launched by the Superbowl. The earliest of these regulations can be published is November 24th, which would give operators just over 2 months to get their sites and apps ready and running for the US’ biggest sporting event.
To stay in touch with everything going on from the gambling industry then read the latest news about gambling in New york
Source: Plato Data Intelligence
