Starting at 9 a.m. ET on Saturday, you’ll be able to make online wagers on sports in New York .
Four sportsbooks will launch tomorrow — FanDuel , DraftKings , Caesars and BetRivers . New York will become the most populous state to host mobile sports betting.
If you pre-register before Saturday, you’ll receive $100 each in free bets at FanDuel and DraftKings. There will be plenty of post-registration promotions for first-time users, too.
Five other sportsbooks have been approved to hold bets in New York but have yet to launch — PointsBet , BetMGM , Resorts World, BallyBet and WynnBet. They’re expected to launch in the next few weeks.
But Saturday’s launch will not include iGaming — things like online blackjack, roulette, poker and other casino games. The legislation signed late last year only allows online sports betting.
It’s bad news for the sportsbooks involved. Typically, casinos make more money and much higher margins on table games than they do on sports betting.
In Nevada , in-person casinos reported that sports gambling made up just 10% of their revenue last November despite a full month of the NFL, NBA, NHL, Premier League, Champions League and UFC.
While sports gambling accounted for $72 million in net revenue across Nevada casinos, blackjack accounted for almost $125 million, while penny slots generated over $328 million in profits.
In addition, each sportsbook will have to pay an inflated 51% tax on all profits to the state of New York. That’s encouraging news to New York residents, who will see educational and social services — among other sectors — receive a buoy due to the increase in tax revenue.For reference, sportsbooks in New Jersey only have to pay roughly 13% in taxes.This is all to say that it’s in these sportsbooks’ best interests to help introduce new legislation that allows for mobile table games and slots in New York. So When Will Online Gaming Come to New York? The door is open for that possibility, but there’s no firm timeline. Fortunately, there aren’t as many hurdles as in some other states.Gaming attorney Daniel Wallach highlighted why in a tweet last […]
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