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New York Might Have Mobile Sports Betting by Super Bowl

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After receiving the green light from the New York State Commission, eight betting providers and nine operators were voted to push mobile sports betting in the state. There is still a lot of work to be done before these sportsbooks can push their mobile platforms to the consumers in the state.

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Neighboring states like Pennsylvania and New Jersey had record sports betting handles in October. New Jersey has topped $1 billion for the second straight month. New York’s tax rate is relatively high as it will be set at 51 percent for these online providers.

Gambling facilities like casinos and gamblers will be paying a higher percentage for added tax revenue. New York Gaming Commission Executive Director Robert Williams stated in the November 8th Commission meeting that, ”It would be in the control of the recommended bidders when they become operational and thus get to market.”

A platform provider for the operators that received the approved licenses will be in charge of managing the servers, hardware, data networks, and software so the operation goes smoothly when sportsbooks launch in the state. The operators in the state will be managing a lot of money daily as they facilitate thousands of wagers.

The “super bid” that involves FanDuel, DraftKings, BetMGM, and Bally Bet all got approved licenses that will last up to ten years. Rush Street Interactive, Caesars Entertainment, PointsBet, Wynn Resorts, and Genting Resorts World also received recommendations that are part of the Kambi Group.

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Several hurdles for selected sportsbooks to clear

Online betting providers’ biggest hurdle is securing one of the four non-tribal casinos in upstate New York to situate these mobile servers to accept the wagers that will be placed in the future. The anticipated costs that will be involved in this venture must be approved by the Gaming Commission before proceeding to the next step.

According to the commissions, these online sports betting platforms must pay $20 million for the four non-tribal casinos to house their servers. This comes out to be $5 million for each facility. It is important for retail sportsbooks to establish a partnership with a brick-and-mortar sportsbook as some states require the same procedure.

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If a sports betting provider cannot come to an agreement with a gaming facility, the commission has the authority to order a housing location. Eight providers are set to enter the New York sports betting industry shortly, the minimum fee is set to be approximately $2.5 million. If fewer than eight operators enter the market, the annual fee will increase for those that get the opportunity to conduct business in the state.

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Another issue to consider is securing account verifications on time for consumers to start betting without any issue. Several companies have refused to comment in further detail in regards to whether or not they are close to a deal with gaming facilities to situate their servers. Residents can only hope that sports betting will be legalized by when the Super Bowl takes place.

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