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New York Sports Betting: Rush Street Approved to Run Online Sports Betting

After passing a mobile sports betting bill in the state’s budget back in April, the New York State Commission recommended nine mobile sportsbook platforms to be licensed due to the meeting on Monday. One of the bids was formed by Bally Bet, BetMGM, DraftKings Sportsbook, and FanDuel.

The other group included PointsBet, Caesars Entertainment, WynnBet, Resorts World, and Rush Street Interactive (BetRivers), with the primary applicant being the Kambi Group.

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Rush Street Interactive chooses to operate sports betting in New York

Rush Street Interactive, Inc. is a leading online sports betting and casino company, a Chicago-based firm that believes that its online betting platform will go live in the state in the first quarter of 2022.

New York has huge potential as the state has the fourth highest population in the country. Richard Schwartz, CEO of Rush Street International, stated;

New York is a crown jewel market with more than 20 million residents which, upon launch, will become the largest online sports betting market in the United States.

BetRivers NY Sport Betting

The firms chosen to operate in New York must pick a gambling facility to operate their gaming servers. The servers must be built to be tested independently. They must have the anticipated costs to run the operation approved by the Gaming Commission before proceeding to allow residents to place wagers.

RSI has established a market in the sports betting industry as the company is present in eleven different states. It is one of only three companies to establish itself in every market in the tri-state area.

New York will only help expand the brand as it has access to the biggest media market in the country which can be used for marketing strategies for the long run.

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RSI has numerous partnerships in the sports betting industry

Sportsbooks in New York are set to launch before the start of the Super Bowl LVI as sports betting handles across the country have seen record months largely due to football.

RSI has already established a presence in the state before receiving a recommendation to receive a license to operate. The company has extended a partnership with Rivers Casino & Resort Schenectady, a popular in-person gaming facility.

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Rivers Casino & Resort Schenectady was the first casino in New York state history to accept a legal wager and has been the leading commercial sportsbook in the state by revenue since its launch in 2019. Eilers & Krejcik, an independent gaming research company, has given RSI’s mobile sports betting app the third spot out of 35 sportsbooks they have reviewed.

BetRivers NY Sport Betting

Rush Street reported revenue of $279 million back in March 2020, an increase of 337 percent from 2019. The company also reported a net loss of $139 million, a jump of 517 percent. All of the sportsbooks that are subjected to be licensed in the state will have a ten-year contract based on their tax rate and will see gross sports betting revenue taxed at 51%.

Sportsbooks that failed to receive a bid are Barstool Sportsbook, Fanatics Sportsbook, Bet365, FOX Bet, and theScore Bet.

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