New York announces official online sports betting rules
Published: December 4, 2021
The state of New York has announced the official set of rules regarding online sports betting. It has nine approved sportsbooks, and they will have to follow them to run their business.
The state has adopted the rules, and they will come into force upon the market launch. It will likely take place in January 2022, and it has already attracted a lot of potential operators.
The New York Racing Association is interested in providing an advance deposit betting platform where players could lay wagers. They would use an electronic wallet, and the payouts would be awarded from winnings.
The State Gaming Commission has turned down multiple petitions from online casinos concerning the location of a customer complaint link. DraftKings and others say it should be on the customer’s account page, but the motion was denied.
Moreover, numerous other amendments suggested by the operators have also been rejected. They include employees being allowed to wager on other platforms, limiting the number of key employees, and limiting the software testing requirements.
The Commission flatly rejected all the appeals, together with some other propositions. They are monthly mobile sports betting tax remittance (instead of weekly) and changes in promotional mechanism policy.
With the last set of rules accepted, the operators only need to arrange the location of the servers.
Some of the rules were already familiar to the public, including a $25m fee with a 51% gross revenue tax rate and ten-year licenses. Placing bets on the New York college teams’ games will not be allowed, and customers are limited to a single account per skin.
Furthermore, the limit for credit-card payments will amount to $2,500 a year, with all the safeguarding measures visibly displayed on sites.
Some of the allowed operators include FanDuel, BetMGM, RSI, PointsBet and Caesars Entertainment. They all had to find a casino to host their servers and an independent lab to perform software testing.
About Sports Betting in North America
Sports betting is a flourishing business in North America. Canada has recently legalized single-game sports wagering, with the provinces handling the activity via the new federal law.
Bill C-218 has been in effect since August 2021. Moreover, sports wagering is legitimate in roughly thirty US states, with more of them heading towards regulation. The USA are a booming betting market that is expected to generate massive profits shortly.