- Mobile betting in New York is one step closer to launching as gaming regulators alert bidders of the final tax rate matrix.
- The six bids received will be ranked by score and the highest tax rate submitted by the bidders will be the one chosen.
- All bidders must agree to the highest tax rate selected.
NEW YORK – New York sports betting fans have been long awaiting locally regulated mobile sportsbooks and they will soon see the market come to fruition in the Empire State.
The New York State Gaming Commission (NYSGC) has informed bidders of the final tax rate matrix that will decide how sportsbooks are regulated.
The six bidders will be ranked by a score. Each bid must present a tax rate that follows the proposed matrix. The bid with the highest tax rate must be agreed upon by all bidders hoping to launch mobile betting in New York.
New York Mobile Betting Tax Rate
NYS regulators have come up with a "final tax rate matrix" that mobile sports betting bidders must be able to meet. Bidders given til next Monday, 5pm, to amend their proposals if their plans don't match the tax rate levels.
— Tom Precious (@TomPreciousALB) October 19, 2021
The official Request for Application (RFA) form breaks down the process for potential operators. The tax rate cannot be determined until all six bidders are ranked.
Those who have thrown their hat in the ring have until Monday, October 25, to decide if they agree to the tax rate presented in the matrix. Online betting licenses could be handed out during the next commission hearing should the six bidders all agree. The RFA set December 6 as the final decision date.
Simply agreeing to the tax rate does not automatically qualify an operator to gain a mobile sports betting license. NY legislators will award two licenses but will likely wait to see the impact of the online sports betting industry with the first two before issuing more licenses.
What Will Mobile Betting Look Like In NY?
BetMGM, DraftKings, and FanDuel have placed a bid together. These three entities coming together are known as a Super Bid, which means they would all be granted licenses if their bid wins. FanDuel is a primary applicant in New York.
Caesars Sportsbook alongside PointsBet and Rush Street Interactive (RSI) have also pushed a super bid together for the same result. FOX Bet, theScore Bet, and bet365 put in standalone bids.
The Super Bids are likely to gain licenses first as they are primary applicants and have partnerships in New York already. Local players can expect the market to go live with plenty of options for wagering on sports with online platforms right out the gate.
News tags: Bally Bet | Barstool Sportsbook | BetMGM | Brooklyn Nets | Buffalo Bills | DraftKings | FanDuel | FOX Bet | legal mobile sports betting | New York | New York Giants | New York Jets | New York Knicks | New York State Gaming Commission | theScore Bet
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