Nine Companies Gain Approval to Launch NY’s Legal Online Sportsbooks

New York Mobile Sports Betting Background

Throughout 2021, lawmakers in New York have been pushing to finally allow online sports betting in the state. This week, one of the biggest steps necessary for this to happen was finally taken. Nine different companies have now gained approval to formally launch NY’s legal online sportsbooks.

A huge amount of hype has surrounded the launch of online sports betting in this state. There is reason to believe that New York is on the brink of becoming the most profitable sports betting hub in the country.

Here’s what you need to know about the launch of online sportsbooks here.

Regulators Grant Licenses for Companies to Launch NY’s Legal Online Sportsbooks

New York has long been home to one of the most passionate sports fan bases in the United States. It took some time, yet the first regulated sportsbooks finally went live here in 2019. To many people’s disappointment, however, only land-based sports betting was legalized in New York.

It didn’t take long for lawmakers to realize they needed to allow online betting. A huge amount of revenue was flowing into New Jersey, where internet sportsbooks are regulated. Millions of New Yorkers would simply cross into New Jersey’s border to make their online wagers.

The push to launch NY’s legal online sportsbooks continues. This week, regulators officially granted nine licenses for companies to operate internet sportsbooks. That includes some of the country’s biggest, most profitable betting companies. You can check out the list of companies to obtain one of these licenses below.

  • Caesars Sportsbook
  • Resorts World Bet
  • PointsBet
  • Rush Street Interactive
  • WynnBET
  • FanDuel
  • Bally Bet
  • BetMGM
  • DraftKings

BetMGM CEO Adam Greenblatt expressed his excitement to receive one of these licenses to the media this week.

“We’re pleased to share that BetMGM has been granted a license to operate mobile sports betting in New York, a state vital to ensuring nationwide leadership in sports betting and iGaming over time,” Greenblatt said. “New York has the potential to be one of the largest sports betting markets in the U.S., and BetMGM is particularly well-positioned to become a leader in the state…”

The launch of NY’s legal online sportsbooks is just around the corner. Stay tuned for updates on this situation as the year goes on.

Competition in the US Sports Betting Industry Grows

A huge amount of attention has been placed on New York’s expanding sports betting industry. Many are also quick to point out the competitive sports betting industry throughout the entire Northeastern US. Most of the states in this area of the country now have successful sports betting platforms set in place.

Competition continues to grow, too. New York now seems on the brink of getting its online sports betting options up and running. It joins several other states with successful internet betting industries, including New Jersey and Pennsylvania.

Maryland has been pushing hard to launch its land-based sports betting industry since PASPA was removed in 2018. This form of gambling was made legal back in May of this year. All signs now point to Maryland moving things forward in 2022.

Massachusetts is one of the few states in this area of the country yet to get its regulated sports betting options up and running. This is surprising to some, as it’s home to some of the most passionate sports fans in the country. Several bills to legalize sports betting are currently being reviewed here.

2022 is expected to be a massive year for the US sports gambling industry. We’ll be sure to offer updates on states legalizing this form of gambling as the months go on.

2021’s Q3 Was the Best Ever for the US Casino Industry

2021 has proven to be an incredible year for the entire US gambling industry. Casino companies have reported consistent revenue increases throughout the year. New reports have just surfaced that show the year’s third quarter was the best in history for this industry.

More than $14 billion was brought in by US casino companies during this time. That represents more revenue than casinos earned in the entirety of 2020. It also confirms the American Gaming Associations’ claim that 2021 will be the best year in history for the US casino industry.

Some casino operators managed to fare better than others. MGM Resorts International continues to thrive and recently acquired The Cosmopolitan in Las Vegas. Las Vegas Sands, however, has struggled lately due to its poor results in Macau.

Many analysts are curious to see how Q4 looks for US casino companies. There is certainly a reason to be optimistic. It seems likely that more impressive revenue figures will be released in the coming months.

When do you expect to see NY’s legal online sportsbooks launching? Will New York become the country’s biggest sports betting hub? Let us know in the comments section below.