New York State Representative J. Gary Fritlow wants to have another positive impact on the Empire State gambling industry by introducing new legislation. His proposed legislation would allow 16 mobile sports betting operators to operate in local markets, nearly double the amount of nine currently licensed in the state.
The state’s mobile sports betting division began on January 8, 2022, with a total of nine operators receiving approval and permission from the New York State Game Commission to proceed live. However, the model was not welcomed by everyone because some believe that the limited operator model would deprive local sports betting companies of diversity.
Despite the limited number of online sports books in Empire State and the only recently released online sports books, it has already turned into the nation’s largest mobile sports betting market. Achieved more than $3 billion in processing power in the first two months of operation. But Mr. Pretlow believes there is still room for growth as his bill allows it to grow to 16 operators by 2024.
The new law allows the number of mobile sportsbook operators operating in the state to gradually increase, while lowering the tax rate of game companies. Currently, operators are required to pay 51% of their total gaming revenue to the state, as well as $25 million in time fees for the commission’s licenses.
For example, if the number of online sports books increases to 10, the tax rate will be adjusted to 50%, and when the number of businesses reaches 15, the tax rate will be lowered to 25%, the highest among mobile sports betting states in the country, raising negative views among industry insiders.
However, for Mr. Pretlow’s bill to be approved, it will also require a review by the New York State Game Commission and a green light. In November last year, regulators approved a total of nine operators, but now eight operators are online. Its operators are Panduel, Caesars Entertainment, DraftKings, PointBet, YNMGM, Betrivers and World Resorts.
Mr. Pretlow also pointed out that more sports books in the state will provide more jobs for local residents, as well as greater tax revenues for the state. He also pointed out that no minority-run brand is among the nine approved operators. This is a sign of a lack of diversity. This means that the only Panatics Sportsbook is not licensed by the Commission.
The lawmaker’s new bill comes at the same time Senate racing, gaming and betting chairman Joe Adabbo is seeking to expand the Empire State’s gaming industry. The bill, Bill S8412, allows iGaming activities in states that will proceed through partnerships between online casinos and retail, tribal countries, and their independent contractors.
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