Mobile sports betting is now a part of New York’s fiscal year budget for 2022.
The legislature approved Gov. Andrew Cuomo’s budget last week. With the OK, the biggest step in the process for setting up mobile sports betting in the state, possibly in time for the next Super Bowl, has taken place.
”The law allows the state to directly operate mobile sports betting, so the $500 million will go to the state rather than a lot of middlemen who operate mobile sports betting in what many of the other states have done,” Cuomo said after the budget deal was announced. “This is more like the state lottery where we operate and get the resources.”
With work still to be done to provide some clarity on how online betting NY will be implemented, let’s take a look at the numbers of what the new legislation brings:
- 0: No new casino authorizations.
- 1: July 1 looks like deadline for provider application process to begin.
- 2: The likely number of operators as partners to the state.
- 3: It took three years of negotiations to get something passed.
- 4: Minimum # of mobile sports betting skins; current number of upstate casinos.
- 30: Days for provider applications to come in.
- 50: State is seeking a minimum of 50% of gross gaming revenues from the selected online sportsbooks. Cuomo would like to see 55%.
- 56: Super Bowl LVI will take place on Feb. 13, 2022 at SoFi Stadium in Los Angeles, many would like to see mobile sports betting operations up and running by then.
- 150: The period (after 30 days) to select a provider or providers.
- $5 million: The amount earmarked for youth sports in underserved areas statewide.
- $6 million: The amount that annually will be added to new addiction and problem gambling awareness programs.
- $25 million: One-time fee charged to mobile sports betting platform providers.
- $99 million: Expected revenue in state fiscal year 2021-22.
- $600 million: The approximate revenue projections annually over multiple years.