New York Betting News

Legal sports betting first arrived in New York at the start of January 2022. However, given how delayed the rollout proved to be at the beginning of a new year, February marked the first full month in which sports betting was fully legal. And not surprisingly, it was a banner pay period for the state. New York accepted more than $1.5 billion in sports bets for February, which amounts to nearly $100 million in total revenue for the state itself. And believe it or not, the best has probably yet to come.

Sports betting in New York is already operational at certain retail locations and will be available online at the start of 2022. However, recent news has stipulated that there will be restrictions on which teams bettors can invest in. Will the impact of the limitations of professional sports? College sports? What does this mean for the future of sports betting in New York, if anything? We've got all the answers.

It has been a long wait for residents of New York, but the state has officially announced that it approved multiple licenses for mobile sports betting. The move finally puts them in line with neighboring states who have been ahead of the legal sports betting curve. However, the decision does not mean New Yorkers can start whipping out their phones and immediately place bets at this second. Read on to find out why.

As New York gets set to join all the other places in the United States that have legalized and officially implemented online sports betting, they have taken yet another step toward finishing the entire process. It isn't one that will necessarily excite prospective bettors or sportsbook providers, but make no mistake, it is an important one—not to mention one of the last.

New York State has set final tax rates for online sports betting as of late October. Here's the thing: We don't yet know what those rates are. They only impact prospective betting providers, and because New York is still hammering out the bidding among commercial casinos and sportsbooks, they have so far kept the rate under wraps.

For bettors specifically, this may not seem very consequential. But it is. If New York's tax rate is extremely high, it could prove prohibitive when trying to draw in the business of top online sportsbooks. And if that happens, it could, in turn, slow the overall rollout process of legal online sports betting.

Is this actually what we should expect? Let's figure that out.