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Report: New York to Name 9 Sportsbook Operators Next Week

Report: New York to Name 9 Sportsbook Operators Next Week article feature image

Gary Hershorn/Getty Images. Pictured: New York City skyline

All had been quiet on the New York sports betting front until Tuesday afternoon, when the New York Post reported three key things:

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 second group is made up of odds-provider Kambi, PointsBet, Caesars, Wynn, Empire Resorts (Resorts World) and Rush Street (BetRivers and PlaySugarHouse).

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.

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