Overseen by the New York Department of State, the NY Register is responsible for establishing the legal guidelines and restrictions for a number of industries, and with operators chomping at the bit to open up shop, the formal release increases the likelihood that residents will find themselves able to legally wager online by this year’s Super Bowl.
Per the guidelines set forth by the New York State Gambling Commission, nine sportsbooks will be granted approval to operate legally in the state. These nine licenses have all been conditionally approved, and while operators have been granted access to the market, there are still a few hurdles to clear before sites can go live.
Prior to any launch, state law requires that the servers being used to run mobile betting operations be physically located in the four commercial casinos offering in-person sports wagering. State Senator Joseph Addabbo, one of the most vocal advocates for bringing the practice to the state, has openly expressed his hopes to have this accomplished by the end of January. All that being said, no formal launch date has been established.
Anticipation for the launch is extremely high, as New York is expected to surpass neighboring New Jersey as the largest market in the United States. The marketing battle now intensifies, as operators look to establish themselves as the most popular sportsbook in the state.
Max Bichsel, VP of US Business for the Gambling.com Group, which operates affiliate Bookies.com, views the opening of New York’s mobile market as the largest the country has seen to date.
“With nearly 20 million residents, one of the most visited cities in the world, and fervently loyal fan bases, New York is the next battleground for sportsbooks to compete for valuable market share.”
Bichsel continued, “in less than 4 years since the repeal of PASPA, one of the largest states in the country will offer online and mobile sports betting through a competitive mix of 9 operators like DraftKings, BetMGM, Caesars, and Rush Street.”
Many operators have already begun forming partnerships and sponsorships with teams and stadiums in the region, and Bookies.com is proud to get involved by partnering with Matchroom for the November 27th Lightweight championship bout between Teofimo Lopez and George Kambsos Jr. at the Hulu Theater at Madison Square Garden in New York City.
The launch comes at a time where many publicly traded sports betting brands see their share values trading at, or close to all-time lows. Large events like the Super Bowl and the tipoff of March Madness have traditionally been kind to the markets in relation to the industry, and the extended NFL season coupled with the excitement of an active New York Market could see share values rebound. Concerns do exist, however, given the steep pay-to-play taxation rules put in place by the state. Given that the leading sports betting operators are known for their exuberant spending habits when entering new markets, investors will be betting on a hype driven market as opposed to one fueled by profits for the time being.