New York Approves Nine Mobile Sports Betting Licenses
The New York State Gaming Commission recently approved nine sports betting licenses, allowing players to soon have access to gaming via smartphones and tablets.
Sports betting is an activity that has been offered in the United States for quite some time. The industry was limited to retail sports betting until legislators decided that it was okay to offer mobile gaming as well. Just recently, the New York State Gaming Commission decided to approve nine licenses for the mobile industry, setting up the state to expand quickly and very soon to mobile gaming.
Who’s in the Mix?
Several top companies are in the mix now, ready to offer mobile services in New York. This includes a set of bidders led by the Kambi Group. Wynn Interactive, Caesars Sportsbook, Rush Street Gaming, Resorts World, and PointsBet are all eligible for services.
A group led by FanDuel was also approved, so operators like Bally’s, BetMGM, and DraftKings can offer services. Oddly enough, Bet365 was up for consideration and the evaluating group decided that they should not be given a license.
Applications were also sent in by Fox BET and theScore Bet, both of which were declined. Kambi Group sent in a second application, one that including Fanantics and Barstool Sportsbook. This application was also denied.
Of the groups chosen, BetMGM is ready to get started. CEO of the company, Adam Greenblatt, commented that the state has a lot of potential to become the largest sports betting market in the United States. According to Greenblatt, the company is positioned well where it can be a leader in the state based on the strength of its Mlife customer database, along with its closeness to the Empire City Casino.
Now that the state has handed out the licensing, around $200 million in licensing fees are expected to be paid. The platform providers will be given a 10-year sports betting license. It has been estimated that the new industry will be able to generate around $500 million in new revenues.
Ready to be a Market Leader
The state of New York has massive potential to become the new market leader in the United States sports betting sector. There are over 20 million people living in the state and it is the second largest state to offer online sports betting. Florida has legalized the option and is home to a bit more people, but the option is being challenged legally.
For New York, the state also has a large economy. It is considered the business capital of the country, so we should see big spending from participants. Once the industry gets going, it is expected to boom. Millions of people should sign up for new player accounts and start wagering from mobile devices.
New York has offered sports betting for quite some time but it has been limited to retail outlets and only four casinos are licensed in the state along with tribal venues. With more options now open across the state, it is expected that more players will take part.
New Yorkers have also traveled to nearby New Jersey for quite some time to take part in sports betting, including online options. Now that the Empire State will offer its own mobile options, players located in the state will no longer have to go anywhere to bet.
It will certainly be interesting to watch as the new mobile market develops in New York. How long before the state becomes the new top producer of betting handle and revenues? Only time will tell!