NY Sports Day forecasts indicate that legalizing online sports betting could yield up to $ 900 million in annual revenue and $ 108 million in taxes for the state of New York.
If the State Senate’s 17D bill passes, each of New York’s seven retail casinos will be allowed to operate mobile sports betting. Making the state one of the largest legalized online gambling markets in the United States.
The bill proposes a 12% state tax on mobile sports betting revenues, as well as a one-time $ 12 million license fee for each operator.
If added to a revenue-raising bill, online sports betting will be discussed in an upcoming special session on the state budget.
New York could become the online gambling center in the US
“New York has a chance to become the largest mobile sports betting center in the United States. New Jersey now holds that position. Part of it comes from New York punters who travel to place a legal bet, ”said Geoff Fisk, an analyst at NY Sports Day.
Fisk continued, “If New York legalizes online gambling, the revenue that goes to New Jersey will be in New York. Considering tourism and the state’s population, New York could host the most profitable mobile sports betting industry in the country. ”
If the state allows two skins per operator, projections of annual revenue would rise to $ 1.3 billion. As such, New York could generate $ 156 million in annual taxes and $ 168 million in licensing fees.
The NY Sports Day analyst also stated that “the seven New York casinos have partnerships with sports betting. Then, the seven brands will be blocked with online sports betting approval ”.
Also according to Geoff Fisk, “DraftKings and FanDuel already have space in the New York market. Expanding to two or more skins per operator, however, can include brands like Barstool and PointsBet. The sports betting market would prosper with 14 or more companies competing ”.
