New York Senator Joseph Addabbo Jr. has introduced a bill that aims to increase the number of online sportsbooks in the Empire State.
Just nine operators were permitted to launch when New York rolled out its highly anticipated legal online wagering industry in January 2022.
FanDuel, DraftKings, Caesars Sportsbook, BetMGM, PointsBet, BetRivers, WynnBET, Resorts and BallyBet are all live, creating a reasonably competitive market.
However, several hopefuls missed out on licenses, including Bet365, Barstool FOX Bet, Hard Rock and Fanatics Sportsbook, amid a competitive bid process.
That allowed New York to charge the nine online sportsbooks a 51% tax on gross gaming revenues, which is the highest in the country.
If more sportsbooks were allowed to launch, the current laws would require the revenue tax rate to be lowered, so it could prove popular among new and existing operators.
“While there has been an exciting start to mobile sports wagering in New York, there is still room for improvement,” reads Addabbo’s bill.
“This legislation would clarify and update the laws governing the current operations, and would direct the Gaming Commission to issue additional mobile sports wagering licenses so that we can continue to grow and improve the market.”
Addabbo is the co-chair of the New York Wagering and Gaming Commission, and he was a leading proponent of online sports betting.
Brandt Iden, vice president of government affairs at Fanatics Sportsbook, said it is still interested in launching in New York and that it is happy to see the bill introduced.
