By the 8th of January, online sports betting in New York became legal, which some of you might notice by the eruption of commercial ads.
This article will highlight the legal situation, taxes, and what separates online betting in New York compared to any other state. Then, of course, we’ll show you where you can bet on sports legally in NY and help you avoid confusion and get started on your betting journey.
All legal sports betting options in NY
The legal situation on New York sports betting
Online sports betting became legal in NY on the 8th of January, and most typical sports bets are available for the player. However, there is a handful of events and betting types explicitly restricted in New York City, which we recommend learning about before you open up an account and deposit money.
🛑 What you can’t bet on online in New York
- College-based teams located in New York.
- Player props for college teams.
- College events hosted in New York, which applies even if two out-of-state teams are playing.
- Futures betting, such as MVP for the Stanley Cup.
- Various “random” features, such as what color of Gatorade will be poured on the winning coach or the length of the national anthem in the Super Bowl.
- Entertainment, such as American Idol or the Oscars.
- Politics, such as the presidential election.
🟢 What you can bet on online in New York
- Player props outside of college games.
- NCAA Football, NCAA Basketball, NCAA Baseball, except for teams or events located in NY.
- Major leagues, including NFL, NBA, NHL, MLB, MMA, UFC, etc.
- Major sports events, including Stanley Cup, Super Bowl, World Series, etc.
- Most betting types, including Parlays, Moneyline, over/under totals, point spreads, & live bets.
What is the tax situation in New York?
The launch of online sports betting has quickly become a cash cow for the state, where NY individually generated 70 million dollars in tax revenue within the first three months of its debut.
The rate that New York charges in taxation for the sports bettors are coming in at the highest rate in the country, with a 51% tax on sports betting.
All the available sportsbooks in New York
The New York State Gaming Commission has approved nine sportsbooks and is not looking to extend the number of betting options this year. Below you’ll find the list of all legal betting sites in NY.
- Draft kings Sportsbook
- Caesars Sportsbook
- FanDuel Sportsbook
- BetMgm
- PointsBet
- BetRivers
- WynnBet Sportsbook NY
- Resorts World Bet
- BallyBet Sportsbook NY (coming soon)
Forecast about the future of online sports gambling in New York
As you can imagine, online sports betting could quickly become one of the biggest industries in New York for tax revenue. In just the first ten days of April, traditionally a slower day for sports betting than March, 516.3 million dollars had been in mobile betting. The sportsbooks’ operators have not been as lucky as normal, with only 2.1% of that money being held in revenue.
In March, the entire month had 1.638 billion dollars in bets. The tax revenue for the state of New York came in at 58.3 million dollars, with February being a short month which generated 1.5 billion dollars in bets and brought in 41 million dollars in tax revenue.
Since sports betting became legal in New York, it has grown by leaps and bounds. This trend is expected to continue upwards for the state regarding tax revenue generation and the amount of money being wagered. Still, the state of New York is not going to revisit the potential of moving to more online sportsbooks until after the year 2023, where it’s currently limited to 9.
Timeline of main events in New York
- January 8, 2022
Eight online sportsbooks launched in New York. Not all of these sportsbooks came online simultaneously, and the first three were FanDuel, Draftkings, and Caesers.
- January 7, 2022
Senator Joseph P Addabbo proposes legislation to remove restrictions on in-state betting.
- November 19, 2021
The New York Senate passed a bill to legislate online sports betting, and it was passed into law by being included in the states bugged, which Governor Como signed.
- 2020
In 2020 a bill was pushed to get the sports betting passed, but due to the pandemic, it was postponed as the state legislature had more pressing matters to look into after returning to sessions. Not to mention Governor Cuomo threatened to veto the bill, so it was not even brought up to a vote in sessions in New York.
- 2019
A mobile sports betting bill was first proposed in 2019 and passed the Senate, but it did not have the support of Governor Cuomo and would not overcome a veto.
- 2018
The state of New York had Sportsbook bills come up on both sides of their chambers, but the bills died in committee.
How do I start betting online in New York?
Betting in New York is not complicated. You have to be 21 years old. Find a legal sportsbook in NY and sign up for an account (it’s the same process for both apps and website). After providing the necessary verification information (see list below), you deposit your funds, and you are good to go!
Verification Information Needed:
- Legal Name
- Birth Date
- Social Security Number
- Various personal information for verification purposes.
FAQ
The New York State Gaming Commission.
The odds are relatively stable depending on where you are betting. In general, the odds are made by the oddsmakers at each sportsbook and are used across the board.
The most significant difference is the restrictions, where New York doesn’t allow for betting on college events based in New York or on any team located in the state. The same goes for betting on futures, political events, and a handful of others. More details can be found on our page about what you’re not allowed to bet on in NY (insert #link).
Yes, online sports betting is legal in New York. All though, there are some restrictions to what you’re allowed to bet on, which we’ll cover more in this article.
21.
You can bet on nine different sportsbooks that have been approved in New York, one of them being BetMgm. We provide a complete list of each betting option above.
Sources:
https://www.si.com/.amp/betting/2021/04/21/online-sports-betting-allowed-in-new-york
https://boardroom.tv/new-york-sports-gambling-futures-bet-restrictions/amp/