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Two consortia of online betting operators selected by New York

Two consortia of online betting operators selected by New York

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A total of nine operators have been approved by the New York State Gambling Commission to offer online sports betting in the State. Betfair Interactive US (FanDuel Sportsbook) was named as a primary applicant with platform and operator partners FanDuel, Bally Bet, BetMGM and DraftKings, and Sports Information Systems (Kambi) named as the second, alongside partners Rush Street Interactive, Caesars Sportsbook, Wynn Interactive, Resorts World and PointsBet.

Richard Schwartz, Chief Executive of Rush Street Interactive (RSI) commented: “Today is a momentous occasion for RSI, sports fans across the Empire State and for the gaming industry at large. We are delighted to have been selected by the NYSGC in a very thorough bidding process and extend our congratulations to our fellow consortium members.”

BetMGM CEO, Adam Greenblatt, added: “We would like to thank the NYSGC as well as congratulate them for keeping to their timetable. New York has the potential to be one of the largest sports betting markets in the US and BetMGM is particularly well positioned to become a leader in the state given the strength of the M-Life customer database, close proximity of Empire City Casino to support our omni-channel strategy and parlaying our already leading positions in nearby states.”

“With more than 19 million people, New York will be the biggest mobile sports betting market in the country, and we feel we are uniquely positioned to bring an incredible product to that market,” added Tom Reeg, Caesars Chief Executive. “We are pleased to have been recommended for a license by the NYSGC, and we thank Governor Kathy Hochul, the State Legislature and the NYSGC for their continued leadership in making mobile sports wagering available to the Empire State.”

The selected operators, who expect to launch online betting in New York during Q1 of 2022, will pay an unusually high 51% of GGR (gross gaming revenue) in tax. Iowa online sports betting operators give 6.75% of their profits to the State, New Jersey 13%, Connecticut 13.75% and Pennsylvania, 34%. The only State with a similar ratio to New York is New Hampshire, which also charges 51%.

Standalone licence applications from bet365, theScore Bet and FOX Bet all failed to secure NYSGC approval, as did Kambi’s second consortium bid with Fanatics Sportsbook and Penn Sports Interactive.