As part of New York’s plans to legalize mobile sports betting, provisions in the law called for nine sportsbook operators. The first US-based mobile betting apps went live in early January of this year. As of Thursday, March 3, Resorts World joined the list as the eighth operator in the state.
Jump toResorts Offers WorldBET in New York
The online sportsbook brand behind Resorts World’s recent launch in New York is WorldBET. As a welcome offer for in-state bettors 21 and older, new customers can receive a risk-free wager up to $500.
Resorts World Casino New York City operates a land-based gaming venue in Queens. As a complement to this retail venue, the company has launched its mobile sports betting app as a direct tie-in to the retail presence.
Prior to this January, the only legal sports betting in New York was through retail sportsbooks in upstate casino properties. The change in law opened up the entire state to mobile sports betting through sportsbook apps.
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FanDuel, DraftKings, Caesars Sportsbook and BetRivers were the initial group of mobile sports betting operators to go live. BetMGM joined that list later that month followed by PointsBet. WynnBET became the seventh mobile brand operating in the state.
With WorldBET live in New York, the ninth and final approved mobile operator on the list is Bally Bet.
The early results in New York have been impressive to say the list. The $1.6 billion betting handle in January broke national records. Through a full 30 days of legal mobile sports betting in the state, the total betting volume topped $2 billion.
FanDuel had the quickest start out of the date with more than $1 billion in betting volume since going live in early January. Caesars Sportsbook also posted a strong start at $944 million. Next on the list were DraftKings, BetMGM, PointsBet, BetRivers and WynnBET.
New York Mobile Sports Betting Expansion
In other state news, a legislative bill was just introduced to expand this list with up to seven additional sportsbook operators. A key component of that bill would also reduce the tax rate on legal online sports betting revenue.
The current tax rate is set at 51% as one of the highest in the legal US sports betting industry. The proposed legislation has set different rates based on the total number of licensed operators. With 13-14 operators, the proposed rate would be 35%.
If New York expanded to 15 or more operators, the rate would dip to 25%. This might grab the attention of US-based books that were shutout of New York originally. However, it is hard to gauge the overall level of support among New York state lawmakers in general.
New York Assemblyman J. Gary Pretlow introduced the new legislative proposal earlier this month. Bill AB 8658 is meant to address concerns about the long-term viability of the industry in light of such a high tax rate.
Part of Pretlow’s proposal calls for at least two sportsbook licenses for minority-owned betting operators. His bill has been referred to the Racing and Gaming Committee.
