Credit: <\/p>\n
Gary Hershorn\/Getty Images. Pictured: New York City skyline<\/p>\n
Updated:<\/p>\n
Nov 03, 2021, 10:19 AM EDT<\/p>\n
All had been quiet on the New York sports betting front until Tuesday afternoon, when the New York Post reported three key things:<\/p>\n
SportsHandle confirmed the Posts reports.<\/p>\n
New York had a unique licensing process in which sportsbooks teamed up to submit bids together. The first super bid included DraftKings, FanDuel, Bally Bet and BetMGM.<\/p>\n<\/p>\n
The second group is made up of odds-provider Kambi, PointsBet, Caesars, Wynn, Empire Resorts (Resorts World) and Rush Street (BetRivers and PlaySugarHouse).<\/p>\n
The Posts report means New York would license eight platform providers and nine operators, more than initially expected.<\/p>\n
Theres a third group led by Fanatics and Penn National\/Barstool Sportsbook, which may be on the outside looking in, at least to start, but its possible they get added later.<\/p>\n
The Post reported that Fanatics has not received the same paperwork as the other groups at this point.<\/p>\n
The other applicants included Bet365, theScore and FOX Bet.<\/p>\n
New York will have among the most unfavorable rules for operators with a $25M licensing fee and 51% tax rate on profits, tied with New Hampshire for the highest nationally. That could lead to fewer promotional and free bets, and worse hold on certain markets.<\/p>\n
The tax rate would drop to 50% with 10-12 operators and to 35% with 13 total operators in the market.<\/p>\n
New York has allowed retail sports betting since June of 2019 at four casinos, all at least an hour from New York City.<\/p>\n
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Report: New York to Name 9 Sportsbook Operators Next Week - The Action Network<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Credit: Gary Hershorn\/Getty Images. Pictured: New York City skyline Updated: Nov 03, 2021, 10:19 AM EDT All had been quiet on the New York sports betting front until Tuesday afternoon, when the New York Post reported three key things: SportsHandle confirmed the Posts reports. Continue reading