New York’s online sports betting market is a big prize for sportsbook operators, but it will come at a hefty cost. and Barstool Sportsbook-owner Penn National Gaming Inc. The final group is led by Kambi as well, but includes the yet-to-launch sportsbook of online retailer Fanatics Inc. The other three applications were by consortiums, such as the combination of FanDuel, DraftKings, BetMGM, and Bally's.Īlso making a joint bid are Kambi, Caesars Sportsbook, WynnBET, PointsBet, BetRivers-owner Rush Street Interactive Inc., and Resorts World. Three solo bids for platform and operator licenses have been made by bet365, FOX Bet, and theScore.
The regulator can, however, award more licenses if it decides it is in the “best interests” of the state. The request for applications was published in July.īy law, the New York State Gaming Commission is required to award licenses to at least two online sports betting platform providers that will host at least four consumer-facing sportsbooks. New York’s model for mobile sports betting was hammered out by state politicians as part of their budget talks earlier this year. That process is playing out as New York bettors continue to flock to nearby states such as New Jersey - which is reporting record-breaking wagering numbers - and Connecticut, which recently launched online sports betting and casino gambling.
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We should license all applicants and allow them to compete for the business of New Yorkers.Įven so, the latest comments from the gaming commission suggest that the process that will bring legal online sportsbooks to the fourth-most populous state in the U.S.
While the former Governor had a very limited vision for how a sports betting market could operate in New York, we now have the opportunity to get this right. “It is simply a step of the evaluation and selection process outlined in Part 7 of the RFA notifying Applicates of the Final Tax Rate Matrix determination and the opening of the window for Application amendment for the sole purpose of conforming to such Matrix.” “Receipt of this letter by any Applicant shall not be construed in any manner as a selection of the Applicant pursuant to the nor as an offer of award,” the letter stated. When that’s done, the committee will recommend the license winners, which the state’s request for applications indicates could happen before December 6. If, and when matching tax-matrix amendments are received, the evaluation committee will then move to the part of the process that looks at granting additional licenses, "until there is no benefit to the State by increasing additional Platform licensees," a statement from the regulator said.
The 64-percent ceiling was reached after a "Mobile Sports Wagering Evaluation Committee" reviewed and scored all the license applications, designated "selected" applicants, and then used the highest tax rate from among those bidders to set the final matrix. “ have also been advised that any Applicant declining or failing to amend its Application to reflect the Final Tax Rate Matrix will be disqualified,” a statement from the regulator said. More platform providers and operators could lower the final tax rate, although 35 percent is the lowest it goes.
The matrix lays out the tax rate applicants would be charged with various numbers of sports-betting platform providers and operators in the state, such as the 64-percent levy on gross gaming revenue (wagers minus payouts to winners) that is now set as the minimum for two platforms and four operators. The New York State Gaming Commission last Wednesday released more documents related to the evaluation process for online sports betting licenses, which came after the final tax rate “matrix” for bids was made public.Īccording to an October 18 letter sent by a gaming official, all qualified applicants for licenses were told they had five business days - or by the end of day on Monday - to tweak their pricing matrix to match the final one. It’s crunch time for the mobile sportsbook operators that legally want to do business in New York.