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New York Releases Sports activities Betting RFA, Seeks 50 P.c of Revenues | Speed Casino
  • Fri. Jul 30th, 2021

New York Releases Sports activities Betting RFA, Seeks 50 P.c of Revenues

BySpeed Casino

Jul 10, 2021

Posted on: July 9, 2021, 03:11h. 
Final up to date on: July 9, 2021, 04:54h.

Steve Bittenbender Learn Extra

Greater than per week after it was presupposed to be launched, the New York State Gaming Fee on Friday posted the much-anticipated request for functions for cellular sports activities betting. And if operators wish to arrange store in what could be the nation’s most profitable market, they’ll must pony as much as the state.

The Decrease Manhattan skyline in New York Metropolis. On Friday, the New York State Gaming Fee launched the extremely anticipated solicitation for cellular sports activities betting operators. Based mostly on the applying time-frame, bettors throughout New York would be capable to use their telephones to make wagers maybe by early subsequent yr. (Picture: NYC.gov)

Based mostly on the solicitation, New York is searching for operators that might be keen to share at the very least half of their gross gaming income with the state. That’s along with the $25 million platform suppliers might want to pay to get a license.
Below the plan accredited by lawmakers once they handed the funds in April, the state will award at the very least two licenses to platform operators. These platform operators will companion with at the very least two cellular sportsbooks.
It’s a big a part of the framework Gov. Andrew Cuomo known as for when he introduced his help for cellular wagering statewide. Cuomo’s proposed deal is not like most states that license cellular operators via established relationships with casinos or different stakeholders. The Governor wished the state to run sports activities betting much like the lottery, the place a number of operators labored instantly with the state and entered into revenue-sharing agreements.
Cuomo has estimated the state may rise up to $500 million a yr when the sports activities betting market matures.
Preliminary functions should be submitted by 4 pm ET Aug. 9, based on the time line posted within the solicitation.
Below the present time-frame, finalists shall be chosen by the Gaming Fee no later than Dec. 6. These finalists could have one week to submit their last functions.
The Gaming Fee mentioned the licenses could be awarded at its subsequent assembly. It final met on June 29 and no different assembly dates have been set for this yr.
State Sen. Joseph Addabbo (D-Queens), who chairs the Senate Committee on Racing, Gaming & Wagering and has pushed for cellular betting for years, has mentioned he needs to see betting apps obtainable by the Tremendous Bowl subsequent February.
The request-for-applications doc was presupposed to be launched by July 1, based on the state funds. There was no rationalization from the Gaming Fee for the delay.
THIS STORY WILL BE UPDATED

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