More Betting Operators in New York Laws & Regulations

New Bill Could See More Betting Operators in New York

By Lisa Spencer Senior Editor Updated: 30 January 2023

Lisa Spencer Senior Editor

As a Senior Editor at Betting.US, Lisa Spencer is a valuable member of our expert team. With a Master’s degree in Applied Mathematics, Lisa is adept in gambling theory and analyzing odds. She contributes by writing online sportsbook reviews and finding competitive markets to help our readers make an informed choice.

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Since sports betting was launched in New York at the start of last year, it has been embraced by sports fans and state officials alike. The popularity of sports betting in the Empire State has been huge, and the NY market has broken many records. In addition, with the high tax rate of 51 percent, the state has benefited hugely in terms of financial gain.

It has now been reported that a new bill could lead to a rise in the number of sportsbooks in New York. The bill in question is bill S1982, which could result in the number of operators rising to 14 or more by the end of January next year, and 16 or more by the end of January 2025. It could also lead to changes in the state’s sports betting tax system.

Room for Improvement in the NY Market

While sports betting across the state has enjoyed huge success since its launch a year ago, officials said that there is still room for improvement. Many hope that the success of this bill, which was introduced by Senator Joseph Addabbo, could lead to these improvements. The bill reads:

New York State recently authorized mobile sports betting in New York and licensed nine operators. While there has been an exciting start to mobile sports wagering in New York, there is still room for improvement.

It added that the legislation would ‘clarify and update the laws’ that relate to sports betting operations. The bill also stated that it would play an important part in the ongoing growth and success of the sports betting marketing in New York.

Brandt Iden, vice president of government affairs for Fanatics Sportsbook said that his company thought the bill was fantastic. He added that it would help the company to not only build on existing relationships and its customer base but also to bring on board players that were currently engaging in offshore betting.

Sportsbooks May Oppose the Bill

Despite the support from Fanatics Sportsbook, there is speculation that many existing sportsbook operators in New York will oppose the bill, as it means that there will be more competition within the state. There are currently nine operators that are active in the state, and they naturally want to avoid their market share being taken by newcomers to the market.

Competition among operators so far has been limited, and all of the active sportsbooks have enjoyed success since the launch of sports betting. However, if the new bill results in more and more sportsbook operators entering the NY market, many of the existing sportsbooks could see their own customer base numbers drop.

One of the factors that could lead to this is the promotions and special deals new sportsbooks are likely to offer in a bid to bring more people on board. This could mean that sports fans who are currently signed up to other platforms will switch allegiance in order to take advantage of the promos and deals.

As a result, sportsbooks that are already active in New York could see a significant drop in customer numbers.