New York Mobile Sports Betting is nearing its crucial deadline

0

The more operators, the lower the tax rate seems for New York sports betting platforms that are bidding for a coveted spot in the state’s approaching wireless market.

That is after a “Final tax rate matrix” that the New York Gambling Regulators allegedly Ask the platforms to align to stay in the running for one of the state’s upcoming cellular licenses. The tax rates to be struck range from 64 percent for fewer than five operators to the lowest rate of 35 percent for 13 or more operators, whereby the number of platforms does not change.

The hopeful mobile sports betting now have four days to close on October 25th to close change their commandments to meet the required rates in the final tax matrix and stay in the bidding game.

At least two platforms and four operators will be licensed in the New York wireless market according to the state budget language, which legalized mobile sports betting in New York in April 2021.

The intent of the price matrix

The final tax rate matrix is ​​based on the highest tax rates submitted by applicants applying for a license under the New York State Gaming Commission’s (NYSGC) mobile sports betting RFA – all with the intent of generating the greatest possible state revenue.

The NYSGC made it on page 30 of the July 9 RFA that the licenses would be awarded on the basis of “factors designed to ensure maximum sustainable and long-term revenue for the state”.

Yesterday, in a Letter The Commission has made this point clear to qualified applicants.

State law “conditions the granting of a license on an agreement by each applicant to ‘transfer the highest percentage of gross gaming revenue from mobile sports betting included in an applicant’s offer selected by the commission considered for licensing,’ ‘said the Commission clear.

What does the last matrix say about possible winners?

Assuming that bidders willing to subject the highest prices are ultimately licensed, New York’s successful mobile platforms could be compared to just four or five operators – enough to meet the letter of the law. That could be good news for some popular sports betting that j. to havetogether to apply for mobile licenses in the Empire state:

  • FanDuel, Bally’s, BetMGM and DraftKings have jointly applied under the name Betfair / FanDuel in order to meet the minimum requirement of two platforms and four operators under the RFA.
  • A similar strategy was followed by Kambi when it entered the wireless market in partnership with PointsBet, Wynn Interactive, Caesars, Rush Street Interactive and Resorts World.

There is 14 bearers of hope in total in the race, 10 of which are also applying as a mobile betting platform. The platforms and operators fall under six groups of bidders who want to enter the New York sports betting market with $ 1 billion in early 2022.

New York officials have said they did stay hopeful for a mobile sports betting start before Super Bowl 2022. NYSGC has set December 6, 2021 as the tentative deadline for the selection of applicants to be considered for licensing, with mobile sports betting licenses potentially being issued in New York by the end of this year.



Source link

Share.

About Author

Leave A Reply