Despite having approved sports betting last spring, New York still hasn’t launched wagering: the NYS Gaming Commission is still reviewing mobile applications.
In a new statement, when asked about how the process is moving along, a spokesperson for the Gaming Commission said on Sunday that “review of applications continues,” reports WTEN.
Sports wagering in the state was passed by the legislature back in April as part of the $212 billion state budget. Once fully operational, online sports wagering is anticipated to bring in $500 million annually, which Gov. Andrew Cuomo said would go to education, youth sports and fighting gambling addiction.
The state’s Gaming Commission put out a “request for applications” in July for mobile sports wagering platform providers. It is set to choose at least two platform providers and four operators. Applicants who agree to a 50% tax on gross gaming revenue or higher, and have a revenue-sharing deal with a tribal operator, will receive more points during the selection process.
Some of US top sportsbooks have submitted their own proposals upon the RFP deadline in August, including three conjoined bills that would see several major brands entering the market: FanDuel, DraftKings, BetMGM and Bally Bet; Caesars, Resorts World, PointsBet, BetRivers and WynnBet; and Barstool Sportsbook (Penn National Gaming) and Fanatics Sportsbook. Other brands (bet365, theScore, FOX Bet) are bidding solo.
The bidding rules allow a single bid with four or more “skins” to potentially be divided into two separate platform providers licenses. The NYS Gaming Commission plans to select finalists before Dec. 6.
But as weeks pass without sports betting in place, New York could be losing millions in sports betting revenue. According to survey results provided by EmpireStakes.com in July, 63% of bettors in the state plan to bet at least once a week on sports, with FanDuel selected as the preferred brand. Sports bettors in the state currently have found other ways to bet despite wagering still not being legal. 1 in 4 adults in NY currently wager in retail sportsbooks, offshore, or in other legal states.
A mobile sports betting FAQ released in June by the NY State Gaming Commission, which is expected to narrow down the list of licenses before the December date, has revealed customers in the state will be able to use credit cards to fund accounts across multiple skins on each approved platform.
Not all states are on board with credit card betting: Iowa currently prohibits it, while in Massachusetts, which hasn't legalized sports betting yet, a betting bill pending in the Senate also says usage of credit cards for wagering will be banned.