Sports betting has technically been legal in New York since 2019, with several land-based casinos able to offer wagering on sports. Since then, the state has moved forward to allow online sports betting too. Online sportsbook sites have been poised to enter the NY market for some time and were finally able to start accepting wagers as of January 2022.
Are Online Sportsbook Sites Legal in New York?
After the Supreme Court ruled that the ban against sports betting was unconstitutional in 2018, the NY state legislators moved towards full legalization. In 2019, the first retail sportsbooks opened their doors in NY, but it took some time before online betting was finalized. The reason behind the delay was thought to be because of the New York State Gaming Commission (NYSGC) ensuring that each site met the conditions of the license.
For online sportsbooks to legally operate in New York, they must hold a license from the NYSGC. This agency is responsible for setting out the terms of the license and ensuring that the sports betting sites follow the rules properly. These rules ensure that the integrity of college sports is upheld as well as prevent minors from placing bets.
Already, four online sportsbooks have been licensed in the state, and more are on their way. Bettors and sports fans can already sign up and make the most of special offers such as Caesars online casino bonus code. These offers provide free bets and matched deposit bonuses, helping bettors get off to the best start.
Why is New York Allowing Online Sports Betting?
Since the Supreme Court of the United States overturned a nationwide ban in 2018, gambling interests have been lobbying New York to allow sports betting and, eventually, mobile betting.In 2019, New York’s private and Native-run casinos were allowed to accept sports bets. In addition, Cuomo and lawmakers slipped the mobile-betting provision into the state’s $212 billion budget that April.
The local government will benefit from increased tax revenue with legalized online sports betting sites. The state is imposing a 51% tax on mobile sports betting companies’ gross revenues. Current forecasts suggest that when mobile betting is fully deployed, it will bring in more than $480 million per year.
What Happened on the First Day of Legal Online Betting in NY?
The first day of legal online betting in New York was a huge success, setting new records. The state’s four licensed operators saw a record number of bets placed within twelve hours, making New York the biggest state in terms of online wagering. In total, there were 5.8 million recorded bets placed online at legal sportsbooks in New York on the first day of operation.
The entire opening weekend saw more than 17 million bets placed, breaking records and meaning a huge amount of revenue for the state. The money raised by the state’s mobile betting tax will be distributed similarly to other gaming revenue. About 80% of that revenue is set aside for elementary and secondary education as well as property tax relief.
Money was also highlighted for two other uses under the mobile betting regulations. For the first year, 1% of the state’s mobile wagering tax revenue will be set aside for problem gambling treatment and education. This should be a total of $6 million every year over the next few years.
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