The most important New York sports betting laws
The history of New York sports betting has been marked by significant legislative milestones and other developments. This involved the path to legalized online sports betting, the opening of the first NY online sportsbooks, and the acquisitions and expansions of the market.
In 2019, Governor Andrew Cuomo signed a bill that aimed to regulate sports betting, particularly its in-person form at four northern New York casinos. This marked the start of the effort for legal sports betting within the state.
2021 was a pivotal year with further milestones. NY state’s budget proposal included plans for mobile sports betting as a potential source of revenue. An agreement reached for a state-run model for online sports betting followed. The Empire State planned to get half of the revenue from sports wagers.
The entry of the market by prominent brands such as BetMGM, Caesars, and DraftKings in January made online sports betting a reality. The initial wave included BetMGM, BetRivers, FanDuel, PointsBet, Resorts WorldBet, and WynnBet, joined by BallyBet later in July 2022.
In 2023, DraftKings and FanDuel executives made steps towards the decrease of the mobile tax rate in New York. This would increase tax revenue for the state if it was successful.
In February 2024, Penn Entertainment got the NY mobile sports wagering licenses of Wynn Interactive Holdings, which made it possible for the company to launch ESPN BET. This was a significant step towards expanding legal online sports betting in the Empire State.
Since 2023, NY state has been offering retail and mobile sports betting, and nine NY online sportsbooks and commercial sportsbooks operate in the state. The former include BetMGM, Caesars, DraftKings, BetRivers, FanDuel, PointsBet, Resorts World, WynnBET, and BallyBet.
To sum up, the history of New York sports betting reflects a dynamic and ever-evolving regulatory environment. The state sees the expansion of legal Internet betting and the entry of major players into the market.