Governor Andrew Cuomo signed the state budget legislation for the 2022 fiscal year. It included the NY online bookie legislation that allows mobile sports betting in New York.
The governor and legislators agreed to legalize mobile sports wagering to help solve the budget deficit. Governor Cuomo signed the budget bill on Monday. However, it will take the state several months to prepare for the launch of mobile betting in its borders.
According to bookie pay per head reviews, Senator Joseph Addabbo Jr. expects the first wagers to take place on February 13, 2022. It is not a coincidence that it is the same day as the NFL Super Bowl.
NY Online Bookie Legislation
According to the law, players can wager on college tournaments and games held in the state. However, they are prohibited from doing so when a New York college is involved in the game. As per bookie PPH sources, the state will choose two online betting providers. Companies can submit their bids throughout the remaining days of the year.
New York will have 150 days after receiving the first application to choose a sports betting platform. Also, industry insiders expect the state to start accepting applications by July 1 at the most. The competition for a license is tough that businesses that just started learning how to become a bookie might not have a chance to qualify.
The chosen sports betting operators will pay a fee of $25 million to operate an online sportsbook. Also, they need to pay $5 each year to a New York casino to house its servers. The tax rate for mobile sports betting revenue is 13 percent.
New York is the most recent state to allow mobile sports betting after the Supreme Court repealed the national ban on sports betting. Although New York opened casinos in 2019, it is only this year that it legalized online sports wagering.