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Official Rules for Online Sports Betting Finalized in New York; Service Could Begin in Early 2022

Online sports betting in New York is becoming more and more of a reality. The state registry recently published official rules for services, giving instructions to approved sportsbooks on how they should operate. The rules were adopted by the state and will go into effect when the new marketplace begins operating. The online services are expected to begin operation in July.

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Details of the rules

According to information obtained from reported that the final rules include several conditions, such as licensing will last 10 years and include a $25 million fee. The state gross receipts tax rate is set at 51 percent. Officials have prohibited operators from offering betting on games in which a New York college team plays.

Players will be limited to one mobile betting account per skin, and each skin can offer a wide range of payment options. Consumers will be able to use credit cards to fund their accounts. Unfortunately, if credit cards are used for payment, a $2,500 limit will be attached to the account.

With the rules now legalized, New York Senator Joseph Addabbo says the online sector should be ready by January. Approved operators will need to make arrangements to host betting servers before launching. Land-based casino partners must host servers for betting platforms.

According to news sources, Senator Addabbo commented on the upcoming launch, stating, "As we complete every important step toward offering our residents first-class mobile sports betting product in New York, we must focus on coordinating servers to get them installed and up and running in approved casinos to accept New York's first mobile sports betting sometime in January."

Nine Approved Operators

In early November, the New York State Gaming Commission approved nine operators for the 10-year license. The application was approved by two different consortiums, both of which include several high-profile companies. One such group, led by the FanDuel Group, was approved, giving the green light to DraftKings, MGM Resorts International, and Bally's Corporation.

In a second group, Caesars Entertainment, Rush Street Interactive, Wynn Resorts, PointsBet USA, and Genting Malaysia Berhad were approved. With more than 20 million people living in New York City, the market is expected to be quite large as most sports betting will be done online. The industry is expected to generate up to $500 million in taxes annually.

While the above companies have been approved, others have been less fortunate. The commission did not choose to approve top operators such as Penn National Gaming, which operates the Barstool Sports brand, as well as Bet365, FoxBet, and Score Media and Gaming Incorporated.

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