New York Gaming Commission Approves Mobile Sports Wagering Regulations

The New York Gaming Commission unanimously approved a set of mobile sports betting regulations on Monday, clearing the latest procedural hurdle for the implementation of online sports wagering across the Empire State.

Last month, the commission included the set of regulations as part of a 130-page Request For Applications that provides the blueprint for the state’s selection of mobile sports wagering licensees in the coming months. New York Gaming Commissioner Chair Barry Sample did not attend the meeting due to a prior commitment.

While Sample and Commissioner John Crotty were not counted for quorum, four other commissioners present at the meeting approved the measure. The meeting lasted approximately 10 minutes.

The regulations contain provisions on mobile sports betting system requirements, integrity protections, accounting and financial records’ requirements, and anti-money laundering program requirements, New York Gaming Commission Acting Executive Director Robert Williams said Monday. Separately, the commission is tasked with selecting a minimum of two mobile sports wagering platform providers and two mobile sports wagering operators during the state’s competitive bid process. The commission finalized the rules Monday, several days after issuing a document with detailed information regarding the submissions of all six applications.

One submission, led by FanDuel Sportsbook, also contains applications from top industry heavyweights DraftKings, BetMGM, and Bally Bet. Within the application, the consortium proposed a 50% preferred tax rate on gross gaming revenues, under which it projects will bring New York state nearly $600 million in tax revenue during the first year of mobile sports betting operations. At the end of year three, the consortium projects annual state tax revenues of more than $1.3 billion from mobile sports betting.

The forecast assumes that the four companies will be the only platform providers to receive licensure during the process. Another proposal, led by Kambi Group Plc, projects $892.5 million in annual tax revenue to the state, but with nine sports betting companies in the market. The proposal calls for a 51% preferred tax rate.

The commission is required under state law to name the winning platform providers and mobile sports betting operators within 150 days from the time the final application was submitted. As a result, the commission must select the successful bidders by Jan. 6, 2022, Williams noted.

The commission also has the option of awarding those contracts before the required date.

Source: Sportshandle.com 

 

Tags: , , ,