Online sports betting officially launched in the Empire State on Saturday, January 8, 2022 and Trustly is proud to support our gaming operators during this big launch! Trustly has successfully been processing payments since the early hours on Saturday morning for each of the initial operators in the Empire state.
In November, the New York Gaming Commission (NYGC) concluded a competitive bid process and awarded nine licenses to: FanDuel, DraftKings, BetMGM, Bally Bet, Caesars Sportsbook, PointsBet, Resorts World, Rush Street Interactive, and WynnBET.
On January 6, the NYGC announced that four operators – Caesars, DraftKings, FanDuel and Rush Street Interactive – had met the statutory and regulatory requirements needed to begin taking bets.
The NYGC went on to state that “[t]he remaining five conditionally licensed mobile sports wagering operators continue to work towards satisfying statutory and regulatory requirements necessary to launch and will be approved on a rolling basis when requirements are met.”
Sports betting has been legal in the state since 2019; however, wagers could only be placed at the state’s upstate casinos. For many New Yorkers, the workaround was to head over to neighboring New Jersey and place online wagers. Some reports indicate as much as 20 percent of the New Jersey betting market is made up of New Yorkers crossing into the Garden State.
Operators paid a hefty price for the privilege to enter the coveted market. The sportsbooks are subject to one of the highest state tax rates on gross revenue in the U.S. at 51 percent and were required to pay a license fee of $25 million.
New York has been a highly anticipated market because it is set to become the largest online wagering market in the U.S., with projections reaching $1 billion in gross revenue and around $500 million in annual tax revenue by 2025.
Trustly is excited to be part of this momentous moment and the long-awaited New York online gaming market.
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