Huge sports and casino fan
Huge sports and casino fan
The Empire State has published the final set of rules for mobile sportsbook operators, pushing the jurisdiction a step closer to launching its online sports betting market.
The regulations, which were first approved by the New York State Gaming Commission in August, set out several key conditions that licensees will be required to follow when the industry gets off the ground early next year. Some of them were already known, like the $25 million license fee for permits valid for 10 years, a requirement mandating all mobile sportsbook servers to be located in land-based casinos, 51% tax rate for operators, and a ban on wagers
On the issue of taxes, however, licensees will be required to pay their taxes weekly and not monthly despite some operators suggesting otherwise. Also, the taxable revenue will be calculated by subtracting the payouts made to players, cancelled bets, and voided wagers from the betting handle.
The rules were published in the New York State Register on Tuesday, meaning that they have been formally adopted by the state.
Each of the nine operators earmarked for mobile betting licenses by the NYSGC earlier this month will be allowed to deploy just one online skin, according to the regulations. The shortlisted companies include DraftKings, FanDuel, PointsBet, Caesars, Resorts World, Rush Street Interactive, Kambi, BetMGM, and Bally Bet.
Also, customers will not be allowed to register more than one account with a brand, and there will be several Know-Your-Customer (KYC) checks for bettors to complete before placing wagers. The rules also establish a deposit limit of $2,500 annually for players funding their accounts via credit cards, and set out a further requirement for licensees to put more safeguards like deposit limits in place for bettors.
Regarding sportsbook bonuses and offers, the NY State Gaming Commission will require operators to notify it about new promos at least 15 days before rolling them out.
Other conditions set by the regulator include a mandate for all key employees of a sportsbook to be licensed, as well as a requirement for mobile sports betting equipment to be tested by an independent laboratory before launching.
Also, employees of a licensee will not be allowed to place wagers with other sportsbooks approved by the Commission.
NY Senator Joseph Addabbo couldn’t be happier to see the mobile betting market begin to take shape.
In a statement about the recent milestone, the legislator applauded the State Gaming Commission for finalizing the regulations ahead of schedule, saying that it is a crucial step towards bringing online sportsbooks to the Empire State.
The Senator also urged the regulator and other stakeholders to keep the pace as they progress to the next step, which will entail negotiating locations for the online betting servers with brick-and-mortar casinos. According to Addabbo, the market could kick off in January if the momentum is maintained.
‘’As we complete each important step towards offering our residents a premier mobile sports betting product in New York, we must focus on getting the servers negotiated, so that they’re up and running at the approved casinos in order to take the first New York mobile sports bets for some time in January. I look forward to getting this anticipated operation off the ground and bringing New York successfully into the mobile sports betting arena,’’ said Addabbo.