Expanded online sports betting on table in New York budget talks
Additional mobile skins included in latest Assembly and Senate proposals
Expanded mobile sports betting could be on the horizon in New York, as both the Assembly and Senate included additional online operator licenses in their latest budget proposals.
The one-house bills each seek to expand the number of mobile skins from the nine that were originally awarded following a competitive bidding process, eight of which are currently operational.
The Senate proposal outlines a process by which the New York State Gaming Commission would hold a second round of competitive bidding that would result in the awarding of between two and five new licenses by January 31, 2023.
The Assembly budget proposal could pave the way for an even more competitive online market, as it calls for up to an additional five new skins by January 31, 2023, and up to two more by January 31, 2024. That could result in as many as 16 online operators by the time the 2024 Super Bowl rolls around.
Notably absent from both the Senate and Assembly bills is any mention of tax rates. Currently, online operators in New York are taxed at a 51% rate, and lawmakers have indicated fiscal responsibility will be a determining factor in upcoming budget negotiations vis-à-vis potential tax reductions.
Online sports betting in New York has been an unmitigated success by all measures since launching in early January.
It took the state a mere three weeks to establish a new all-time record for monthly handle after bettors totaled $1.6bn in wagers from January 8-30. The previous record had been $1.3bn, set by New Jersey in October.
To date, New York operators have combined to generate over $206m in gross gaming revenue (GGR), which has resulted in $105m in tax payments back to the state.