NY Online Sports Betting Can Earn $900 Million a Year

Details: Category: Gambling Industry; Created: Saturday, 19 September 2020 20:20

Legal NY online sports betting can net around $900 million a year for the state. It was according to an estimated made by an online sportsbook software provider. Once legalized, New York can become the biggest online sports betting market in the United States.

However, the passage of Senate Bill 17D is still pending. The bill authorizes the seven casinos in the state to open a mobile sportsbook. Some lawmakers are optimistic that online sports betting could be part of the revenue enhancement bill. Also, they will discuss the topic during the special session about the budget.

Senate Bill 17D would tax mobile sports betting revenue at a rate of 12 percent. Also, operators need to pay a licensing fee of $12 million. New York can become the largest online sports betting market in the US. At present, bettors from New York travel to New Jersey to bet on sports.

NY Online Sports Betting

According to sportsbook reviews, online sports betting revenue going to New Jersey would stay in New York once legalized. Also, the state can become the home of the most lucrative mobile sports betting industry in the nation.

If the state allows operators to have two skins, the estimates can increase to $1.3 billion a year. Thus, the potential revenue for the state is around $156 million annually. Also, it can bring $168 million in licensing charges for the 14 legal skins.

At present, the seven casinos in New York already have sportsbook partnerships. If online sports betting becomes legal in the state, they would be the first on the line to launch their apps. Thus, FanDuel and DraftKings would have a foothold in the NY sports wagering market.

As a result, you should consider starting a sportsbook someplace else. Also, find a bookie pay per head service that best suits your needs.