New York Sports Betting Betting Info And The Best NY Sportsbooks
After a long wait, legal online sports betting has finally arrived in the Empire State! The first four legal online sportsbooks launched in New York on Saturday, Jan. 8, 2022, ahead of a cracking weekend with the NFL playoffs.
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New York’s online sports betting launch included these four sports betting operators: BetRivers Sportsbook, FanDuel Sportsbook, Caesars Sportsbook and BetRivers Sportsbook on January 8, 2022. A few weeks later, they were joined by BetMGM, PointsBet and WynnBET. On March 3, Resorts WorldBET also made the official launch, with only Bally Bet, the last approved operator that is yet to launch their app in NY state. The launch of this app should happen shortly.
Since the Supreme Court cancelled the 1992 federal ban on sports wagering outside Nevada in 2018, New York legislators have been working to secure an agreement on legal online in the state. That was finally achieved in April 2021. However, it is worth noting that in-sport sports wagering has been legal in New York for years due to a 2013 act, with the regulatory framework established in 2019 for retail sportsbooks. However, the online betting has had a bumpier road until, in 2021, Gov. Andrew Cuomo signed into law a budget agreement that included a framework to bring mobile sports betting to the Empire State. The legislation signed on April 19 2021 authorized mobile betting in New York, with the New York Gaming Commission that was put in charge of all mobile betting operations. In November 2021, the NYGC recommended nine online bookmakers for a mobile license in the state, with the market that officially opened for wagering on January 8, 2022.
Best online and mobile sportsbook apps in New York
The New York Gaming Commission (NYGC) was tasked to award online, and mobile licenses and eventually decided to go for nine books. Although the state will not be administering sports betting as we have seen in Oregon or Montana, they will get a large share of the generated revenue, with tax set at 51% of the sportsbooks’ gross gaming revenue (GGR). This is a very high cap and, in fact, the highest in the US market, so mobile betting will benefit the New Yorkers community but make it harder for operators to make a profit in the state. However, this hasn’t put off operators that have decided to invest in the state, despite the cost of the initial license being $25 million. However, this expensive process has cut out smaller operators unable to make such significant investments.
Will there be changes in gambling legislation in NY soon?
Changes to the NY online gambling regulations might be happening soon as in March 2022, bills from both the New York State Senate and New York State Assembly were introduced to suggest an expansion that will raise the total number of active online sportsbooks in the state from nine to 16 by 2024. If these bills pass, the expansion will lower the state’s online sports betting tax from 51% to a more reasonable 25% rate. Just five new operators entering the current market, would lower the tax rate from 51% to 35% by 2023, with two more books that can enter in 2024. In the proposal, service providers would get a tax exemption on any revenue attributed to free play or promotional wagers.
What are the Active NY online sportsbooks
After an extended period, the New York Gaming Commission officially issued operator licenses to nine different online sportsbooks on November 8, 2021. Not surprisingly, some of the biggest industry players are present on the list:
BetRivers (RSI)
Caesars Sportsbook
DraftKings Sportsbook
FanDuel Sportsbook
BetMGM
PointsBet
WynnBET
Resorts World Bet
Bally Bet Spring (to be launched soon)
Compared with some other states with just one mobile operator, the New York market looks more competitive, even if the taxation level is very high.
Sportsbooks that might launch in New York in the future
As we have seen, the list of approved NY online sportsbooks includes some of the industry’s biggest brands; however, few others who submitted a bit didn’t make it to successfully land a license to enter the Empire State. The likes of Barstool Sportsbook, Bet365, theScore Bet and FOX Bet weren’t selected by the NYGC, and won’t be able to accept wagers in the state for the time being. One of the most surprising results was Barstool, whose headquarters is in New York City, and Bet365, who didn’t make it despite the partnership with Resorts World Catskills. However, there is hope that this will change soon as for the recently proposed bill we discussed above, which should expand the total number of online operators from nine to 16. Each of the service providers that didn’t get a license the first time around will be able to re-submit an application if the law is passed.
How competitive are NY sportsbook odds?
The success of an online sportsbook is mainly down to how competitive the odds are. Even with the state’s extremely high 51% tax rate, we have noticed that most New York sportsbooks have the same odds and lines that they are offering in other states, where tax rates are more reasonable. For instance, any odds offered by BetMGM in New York will be the same as their offerings available on the other side of the bridge in New Jersey. So far, New York’s incredibly high gambling tax rate hasn’t affected the day-to-day sports betting pricing, which is a piece of great news for NY bettors.
Wagering on college sports in New York
There are some restrictions on wagering on college sports in New York. Similarly to the regulation in New Jersey, all in-state college teams will be unavailable for wagering. This also includes all NY colleges like Syracuse, Hofstra, St. John University, etc. So when a NY state college is competing, you won’t find prices with a New York online sportsbook. Again, similarly to the regulation present in the Garden State, New York has also restricted betting on any college events within the state lines. So, if two non-NY colleges teams are playing at a neutral location in New York, you won’t be able to wager on it. There is, however, an important difference from New Jersey regulation in this area, as NY has added in a carve-out for tournaments. So, for instance, if NCAA tournaments are being played at Madison Square Garden, you will be able to wager on those, as long as a New York college team is not taking place. So many caveats have been added around college sports because regulators are keen to protect amateur athletes from being subject to external sports wagering pressures. Several states have followed this path, so it is something to bear in mind when betting on college football.
New York land-based sportsbooks
Since 2013’s New York Gaming Economic Development Act, New York has been open to legal sports betting. The act, which was implemented by constitutional amendment, established a potential framework that allowed sports wagering to become permitted if federal law changed. And in 2018, the US Supreme Court overturned the federal law which was prohibiting sports wagering in states outside Nevada (PASPA), which immediately set in motion for New York sports betting. As a result, in summer 2019, the New York State Gaming Commission approved several rules allowing casinos to offer sports betting in person in their state locations. This was not contemplating the ‘mobile’ and ‘online’ which weren’t included in these provisions. A month later, Rivers Casino opened the first physical sportsbook in Schenectady, with others that follow suit at these locations:
- Del Lago Resort & Casino in Seneca County (DraftKings Inc.)
- Resorts World Catskills in Sullivan County (Bet365)
- Rivers Casino in Schenectady County (Rush Street Interactive and Kambi Group plc)
- Tioga Downs in Tioga County (Betfair US/FanDuel Sportsbook)
Later that year, three different tribal casinos opened a brand new retail sportsbook with the Oneida Indian Nation that partnered with Caesars Sportsbook to operate their in-house services. The Seneca Nation of Indians also followed this in December 2019, with three brand new sportsbooks at their Allegany, Buffalo and Niagara Falls casinos, thanks to a partnership with Kambi. The Akwesasne Mohawk Casino Resort is the most recent tribal casino to get land-based sports betting action on January 22, 2020. The list below shows the current number of land-based betting operations that are now available in New York state:
Rivers Casino Schenectady
Tioga Downs Nichols
Turning Stone Resort Casino
Point Place Casino Bridgeport
Del Lago Resort & Casino
Yellow Brick Road Casino
Resorts World Catskills
Seneca Buffalo Creek Casino
Seneca Allegany Resort & Casino
Seneca Niagara Casino Niagara Falls
Akwesasne Mohawk Casino Resort
Empire City Casino (to be launched soon)
The road to legal sports betting in New York
Assembly Member J. Gary Pretlow and State Senator Joseph Addabbo have been the main proponents of an open and legal mobile sports betting market in the NY state. Since sports betting legalization on a federal level in 2018, the two have been building the case for online sports betting as a major opportunity for the New York economy, especially based on what has been seen in the neighbouring states, with New Jersey, in particular, taking dollars from New Yorkers who were unable to wager online in their own state. After all, NJ is just eight miles from New York City, with lots of rest stops and gas stations just over the border where New Yorkers access sportsbooks online within New Jersey. Although everyone agreed that online sports betting was an untapped opportunity for New York, some, including the former Governor Cuomo, thought a state-run model would bring higher revenue than an open competition model. In the end, there was a compromise with the state that secured a healthy revenue share and multiple operators that were allowed in the state.
The road to legal sports betting in New York
Assembly Member J. Gary Pretlow and State Senator Joseph Addabbo have been the leading proponents of an open and legal mobile sports betting market in the NY state. Since sports betting legalization on a federal level in 2018, the two have been building the case for online sports betting as a major opportunity for the New York economy, especially based on what has been seen in the neighbouring states, with New Jersey, in particular, taking dollars from New Yorkers who were unable to wager online in their own state. After all, NJ is just eight miles from New York City, with lots of rest stops and gas stations just over the border where New Yorkers access sportsbooks online within New Jersey. Although everyone agreed that online sports betting was an untapped opportunity for New York, some, including the former Governor Cuomo, thought a state-run model would bring higher revenue than an open competition model. In the end, there was a compromise with the state that secured a healthy revenue share and multiple operators that were allowed in the state.
Tribal partnerships and sports betting
The relationship between the US government and the Native American tribes has always been complex, and gambling is part of that relationship. Federal laws that were written in the 1980s dictated that tribes are mostly operating by themselves when it comes to offering gambling. However, as we have seen, many decided to make partnerships with sportsbooks operators like Caesars Entertainment to offer sports betting in their casinos’ locations. Tribes, in some instances, may have revenue-sharing agreements with the state but cannot be taxed.
Banking options
Bettors in NY can benefit from lots of options to fund and withdraw money from their legal online sports betting accounts. Lots of sportsbooks offer a variety of payment methods, which include:
- PayPal: most operators allow you to make deposits and withdrawals with the most popular online wallet on the globe
- Credit/Debit Card: if your bank allows it, you can use a credit or debit card to fund your betting account. This is the most convenient option, but it cannot be used for withdrawals, only deposits.
- ACH/eCheck (VIP Preferred): VIP Preferred is an online check processor and online wallet. It is a secure way to make payments or receive withdrawals from online sports betting account.
- Online Banking: just login into your online bank account via the sportsbook, and you can make fast transactions.
- Play+ Card: The Play+ card is a prepaid card that is offered by several online sportsbooks. It is similar to a regular debit card and can be a fast and convenient way of transacting with your preferred sportsbook if no other options are suitable.
- Skrill: Skrill is similar to PayPal as it is a third-party online wallet and payment processor. Several online casinos use Skrill and sports betting platforms in the US.
- PayNearMe: this is an in-person option offered at local merchants like 7-Eleven, CVS and others to make deposits into your account.
- Cash at Cage: if your chosen online sportsbook has a partnership with a casino location, you can visit that casino and transact in person on your online account.
It is important to check always the terms and conditions when transacting with online sportsbooks. In some cases, you might be limited to specific withdrawal methods depending on the deposit option you have chosen, so better to be aware of all the terms before making the deposit.
Frequently asked questions
Is sports betting legal in the state of New York?
Yes, in-person and mobile betting are both legal in New York. Mobile betting went live on January 8, 2022 while in-person betting has been available since the summer of 2019.
Who can wager on sports bet in New York?
Real-money sports betting is only for those 21 or older and physically located within the state of New York. You can access your betting account and use other features even if you are not in New York, but you can only place wagers when you are within the state lines.
How many online sportsbooks will be available in the future in New York?
There isn’t a limit to the number of online books that might be licensed in New York in the future, although for the moment, the NYGC has only licensed nine operators. You can check the table above for the current list of active operators and keep checking this page for frequent updates on new potential entrants to the market.
Do mobile sportsbooks offer bonuses for new players in New York?
Yes, all the mobile sportsbooks offer new customers promotions when they sign up. Customers are generally eligible for free bets, deposit match bonuses, risk-free bets, etc. Promotions vary by operator, and also the terms are different. Check this page for the latest offers before signing up for a mobile sportsbook account.
How can I deposit/withdraw online with New York sportsbooks?
When depositing, you will have to provide some personal information to the sportsbetting site. You will be presented with different deposits options, and you will be able to choose the one that is more suitable for you. The same goes for withdrawals, although normally, you would be required to withdraw using the same option for the deposit, where possible.
What wagering types and betting markets are available?
All the major wagers types are available with legal New York sports betting sites. You will find markets like point spreads, moneyline, futures, totals over/under, props for all pro sports leagues, and most NCAA collegiate sports fixtures.
