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Thursday, December 01, 2022

State Regulators Select Firms to Operate Mobile Sports Betting in New York

State Regulators Select Firms to Operate Mobile Sports Betting in New York

SCHENECTADY – The company that provides the sports betting platform used at River Casino in Schenectady is one of the operators selected to launch mobile sports betting in New York State.

The news came from a meeting of the New York State Gaming Commission on Monday, which awarded licenses to eight entities.

Rush Street Interactive said later on Monday that remote sports betting is expected to go live in New York in the first quarter of 2022.

“New York is a Crown Jewel Market with over 20 million residents that, when launched, will become the largest online sports betting market in the United States,” said Richard Schwartz, CEO of Rush Street International.

The eight entities selected to operate the mobile sportsbook platform must choose a commercial casino to have their computer servers; The location and estimated cost is approved by the Gaming Commission; server creation; and have independently tested them.

The new gambling medium will be taxed at 51% in New York.

Rush Street International now operates online gambling in 11 states, including neighboring New Jersey and Connecticut.

It is a separate entity from Chicago-based Rush Street, which operates a casino named Rivers in Des Plaines, Illinois; Pittsburgh and Philadelphia, Pennsylvania; and Schenectady.

In March Rush Street International reported $279 million in 2020 revenue, a 337% jump from 2019, and a net loss of $139 million, a jump of 517%.

The eight entities granted to licensees to build a mobile sports wagering platform in New York are:

  • American Wagering, Inc. DBA Kaiser Sportsbook.
  • Bali Interactive, LLC DBA Bali Bet.
  • Betfair Interactive US LLC DBA FanDuel Sportsbook.
  • BetMGM, LLC.
  • Draft Kings.
  • Empire Resorts, Inc. DBA Resorts World, partnered with Pointsbet.
  • Rush Street Interactive NY, LLC DBA Rush Street Interactive.
  • Wynn Interactive.

River Casino & Resort Schenectady placed the first legal sports bets in New York in 2019 and has since grown the most revenue of any on-site sportsbook, Rush Street International said — an average of $860,000 per month over the past 12 months.

More from The Daily Gazette:

Categories: Business, News

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