Online sports betting in New York is less than 24 hours away.
The New York Gaming Commission announced Thursday that four books can launch this Saturday at 9 a.m. ET. Several hours later, all four confirmed that they will launch Saturday.
The four books that have met the regulatory requirements and will go live shortly after 9 a.m. ET are:
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We expect FanDuel to go live right at 9 a.m. ET, and the other three in the following few minutes.
The gaming commission originally said the books “will determine when to accept wagers based upon its business capabilities and readiness.” But each book has said it will be ready.
Five other sportsbooks were approved late in 2021 and will be permitted to start accepting bets on a “rolling basis,” per the gaming commission. So whenever they can go live, they will.
Those books are:
The four books launching Saturday already have partnerships with New York casinos, so it’s possible that’s why they have a slight head start. The operators must house their servers at casinos in the state.
“I think it’s great that four of the nine sportsbooks are getting in before the start of the NFL playoffs is tremendous,” New York State Senator Joseph Addabbo told The Action Network on Thursday. “And given their experience in other states, I think the others will follow quickly.”
“We’re going to need some time, but I believe we have the capacity to surpass New Jersey in handle.”
New York is the biggest state (in population) to launch online betting since the Supreme Court overturned PASPA in 2018. NY has had in-person sports betting since 2019 but has generated a paltry $3.7 million in tax revenue at its in-person sportsbooks, all of which are at least an hour from New York City.
Online sports betting revenue should be a big boon for the state. New York is taxing operators at a 51% rate on profits, making it essentially a revenue share between the books and states. There’s also a massive up-front But it’s not expected to affect bettors.
We projected that New York would have cleared $1 billion in tax revenue if it legalized at the same time as nearby New Jersey, which has become the national leader in online sports betting.
In 2020, FanDuel and DraftKings projected that between 20-25% of their total betting volume in New Jersey came from New York residents crossing the border.