It’s been a long time coming. Now, the list of mobile sports betting operators for New York has been released, and it says a lot about the state legislature there.
The two bidding parties revealed are one from FanDuel and another from Kambi. That does not mean these are the only two operators, though. The bid from FanDuel includes additional operators such as DraftKings, Bally’s, and BetMGM. The bid from Kambi includes PointsBet, Caesars, WynnBET, Resorts World, and Rush Street Interactive.
Noticeably missing from the list of approved operators are bet365, FOX Bet, and Barstool sports. Why would these reputable operators be left out in the cold? In our opinion, it’s the math.
You may remember that we told you how New York would have a tax rate for mobile sports betting operators which bordered on extortion. However, if more than 12 operators were approved for licenses then the tax rate would fall to 35%. Now, go back and add up how many operators have been approved. We’ll wait.
There are ten names on that list, meaning the tax rate will be 51% for ten years. Obviously, New York is trying to catch up to their neighbors in New Jersey, who just took in over $1 billion in sports bets. But the Empire State has a long way to go before they come close to those numbers.
Mobile sports betting in New York are expected to be up and running in time for the Super Bowl this coming February, and it does have the potential to become the biggest sports betting market in the country.
