- Nine sportsbook online operators have now been approved to operate in New York
- New York will tax sportsbooks at a 51% tax rate, one of the highest in the country.
NEW YORK – New York lawmakers approved nine sportsbook operators for licenses on Monday, including several notable brands.
Nine NY Sportsbooks Approved
After years of back-and-forth between New York lawmakers regarding a regulated online sports betting market, they’ve finally approved operating licenses for nine notable online sportsbook operators.
- Rush Street Interactive
- Caesars Sportsbook
- Wynn Interactive
- Resorts World
- PointsBet
- FanDuel
- Bally’s
- BetMGM
- DraftKings
These nine companies were approved for a 10-year license to operate a legal sportsbook in New York under the New York State Gaming Commission.
These companies will be the sole providers for online New York sportsbooks.
The Details
All nine sportsbooks will be taxed at 51% of their gross gambling revenue. This is a higher sports betting tax rate compared to any other state in the country with the exception of New Hampshire, which also has a 51% tax rate.
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The high tax rate may be worth it to the sportsbooks, as New York City is the single most populated city in the country, holding over 8.8 million residents. This makes it a potentially very profitable state to operate in.
“We believe New York represents one of the most attractive sports betting states given its population, wealth/income, and sports culture,” a note published by Macquarie reads.
It has not been revealed when these gambling companies will be able to launch their online sportsbook operations, but now that they’ve been approved to move forward, it’s only a matter of time.
Evan’s academic college career is equal parts eclectic and accomplished, having been in four honor societies, and earned enough in scholarships to pay for his English degree from private college William Carey University with no student loans. After that he’s published multiple written works, and now writes news for USAOnlineSportsbooks.
