Report: New York to Name 9 Sportsbook Operators Next Week
Gary Hershorn/Getty Images. Pictured: New York City skyline
- The state will officially announce which sportsbooks it will license next week
- Those books include DraftKings, FanDuel, BetMGM, PointsBet, Caesars, Wynn and more.
- New York is aiming to go live with online betting before the 2022 Super Bowl.
SportsHandle confirmed the Post’s reports.
New York had a unique licensing process in which sportsbooks teamed up to submit bids together. The first “super bid” included DraftKings, FanDuel, Bally Bet and BetMGM.
The Post’s report means New York would license eight platform providers and nine operators, more than initially expected.
There’s a third group led by Fanatics and Penn National/Barstool Sportsbook, which may be on the outside looking in, at least to start, but it’s possible they get added later.
The Post reported that Fanatics has not received the same paperwork as the other groups at this point.
The other applicants included Bet365, theScore and FOX Bet.
New York will have among the most unfavorable rules for operators with a $25M licensing fee and 51% tax rate on profits, tied with New Hampshire for the highest nationally. That could lead to fewer promotional and free bets, and worse hold on certain markets.
The tax rate would drop to 50% with 10-12 operators and to 35% with 13 total operators in the market.
New York has allowed retail sports betting since June of 2019 at four casinos, all at least an hour from New York City.