Best New York Online Sportsbooks
For years New York has offered limited gambling options in comparison to its sister state. Those options are boiled down to commercial and tribal casinos upstate and the lottery.
So for New Yorkers to satiate other gambling fixes, they had to migrate across the Hudson River to New Jersey. A study showed that New York residents accounted for almost 20% of New Jersey’s sports wagering revenue.
To capture that lost revenue, Governor Andrew M. Cuomo announced new legislation to authorize online sportsbooks in New York.
Tentative Sports Betting Agreement for NY
Governor Cuomo authorized online and mobile sports wagering as part of the 2021 State of the State. Under this proposal, the new York State Gaming Commission would select operator(s) to offer online sports wagering in the state through a competitive bidding process.
Governor Cuomo and New York legislators reached a tentative sports betting deal in April. This system would operate as a state-run model through the lottery. The agreement would authorize the state to contract 2 operators and a minimum of 4 sports betting partners (skins). A revenue share agreement could also generate 50% of online sports betting revenue for the state.
The state will issue applications starting July 1. Interested platforms will have 30 days to respond, then the NY Gaming Commission will have 150 days to select the 2 sport betting operators. The Commission will also require the platforms operating mobile wagering apps to include measures against gambling abuse and addiction.
Potential Long-term Revenue for NY
The sports gambling market has been rapidly evolving since a federal law opened most states to sports wagering in 2018. New York could potentially become the largest marketplace in the nation. State leaders hope that legal wagers will eventually yield $500 million of annual tax revenue.
NY Sports Betting Options
Gov. Cuomo and state legislators reached an agreement to move forward with launching mobile apps, but it will be a while before they become approved and available.
While NY online sportsbooks are not yet accessible, there are other options for residents.
Currently, players can place bets in person in Upstate NY in retail sportsbook locations. Or they can place mobile bets within state borders of New Jersey.