Sports Betting Coming To New York After Governor Signature
New York governor Andrew Cuomo has signed into law the bill allowing for mobile sports betting within the state. The signature was in little doubt following earlier budget release that had in part of it the allowance for mobile sports betting to help generate much needed tax revenues for the state that has suffered during the COVID-19 pandemic.
The New York State Gaming Commission will now issue a request for applications for mobile sports betting that will begin on the 1st July and the determining period to choose the winning applications will last 150 days from the date.
It is understood that there will be two sports betting platforms allowed under the new ruling and a license fee of $25 million will be required by the winning bidders.
Governor Cuomo said: “There’s no doubt that our state will bounce back stronger and better than before, and in the interim, it’s critical we support the New Yorkers who helped get us through this crisis and take steps to rebuild an economy that works for all.”
In the bidding process and to be successful there will be a scoring system and extra points will be given to those companies that have or will have a revenue-sharing agreement with one of New York’s Native American tribes.
Early indications point to both FanDuel and DraftKings being the leading favourites to be awarded the licenses, but with the stakes high in winning a lucrative license many other sports betting platforms are believed to want to enter the market and compete.
