New York Legal Sports Betting Overview
Welcome to our comprehensive overview of legal sports betting in New York! In this article, we’ll cover all the important details you need to know about the current state of sports betting in the Empire State. From launch dates and licensed sportsbooks to banking options and permitted wagering types, we’ve got you covered. Whether you’re a seasoned bettor or a novice looking to dip your toes into the exciting world of sports betting, we’re here to provide you with all the information you need to make informed decisions.
NY Sports Betting Law Details
|📆 Retail Sports Betting Launch Date:||July 16, 2019|
|📆 Online Sports Betting Launch Date:||January 8, 2022|
|✅ Licensed Sportsbooks:||BetMGM, BetRivers, Caesars, DraftKings, FanDuel, PointsBet, Resorts World Bet, WynnBET, Sticks Sportsbook (Retail only), The Sports Lounge (Retail only)|
|💵 Legal Wagering Options:||Futures, moneylines, parlays, point spreads, same game parlays, teasers, totals|
|🔞 Legal Gambling Age in NY:||21+|
|🏈 Sports to Bet On:||NFL, NBA, MLB, NHL, MLS, MMA, tennis, golf, boxing, motorsports, cricket, European soccer, college sports (no in-state teams)|
|🏦 Permitted Banking Options:||Mastercard, PayNearMe, PayPal, Play+, Skrill, Visa, online bank transfers, wire transfers|
|⚖️ New York Gambling Regulator:||New York State Gaming Commission|
New York Online Sports Betting Launch
New York officially launched online sports betting in January 2022 following Governor Andrew Cuomo’s signing of the state’s 2022 legislative budget. Since its launch, New York has quickly become one of the most vibrant and thriving sports betting markets in the United States. In fact, the state consistently boasts the highest sports betting handle in the country, surpassing even well-established markets like New Jersey and Nevada. In addition to online sports betting, retail sportsbooks have been operating in New York since July 2019, further enhancing the diverse range of options available to bettors.
Currently, there are eight licensed online sportsbooks in New York, providing a wide selection for bettors. From major brands like BetMGM and DraftKings to smaller operators such as Resorts World Bet and Sticks Sportsbook, New York offers a diverse and competitive market for sports betting enthusiasts. With a total of 11 retail sportsbooks located in partner casinos, bettors have plenty of options for both in-person and online wagering.
Comparing New York Online Sportsbooks
With eight licensed online sportsbooks in New York, it can be overwhelming to choose the right one for your preferences. To help you make an informed decision, our betting experts have reviewed all eight sportsbooks and provided detailed insights into their features, promotions, and user experience. Here are some highlights:
Best Mobile App – DraftKings
DraftKings stands out with its impressive mobile app, offering live streaming and user-friendly features that make betting a breeze. Available for both Apple and Android devices, the app provides excellent connectivity for live betting and streaming, ensuring you never miss a moment of the action. Don’t forget to grab your DraftKings Sportsbook promo code for Jul 2023 to maximize your betting experience.
Best Welcome Bonus – PointsBet
PointsBet Sportsbook offers an enticing welcome bonus, giving you the chance to place risk-free bets up to $2,000. With $500 available for standard fixed odds betting and $1,500 to experience PointsBet’s unique Points Betting feature, this welcome bonus promises excitement and generous rewards. Keep in mind that free bets must be used before you can withdraw any profits. Be sure to check out our PointsBet promo code for Jul 2023 to claim this generous offer.
Best for Competitive Odds – Caesars
Caesars sportsbook consistently provides some of the most competitive betting odds on the market. With a particular focus on prop bets and daily odds boosts for major league sports, Caesars ensures that bettors get excellent value and increased potential winnings. Don’t miss out on the opportunity and grab your Caesars Sportsbook promo code for Jul 2023.
Best for Market Coverage – BetMGM
If you’re looking for comprehensive market coverage, BetMGM is the sportsbook for you. While some bookmakers focus solely on popular sports, BetMGM goes above and beyond by offering extensive coverage of European sports like rugby union and soccer. With numerous markets and live betting options, BetMGM guarantees an exciting and diverse betting experience. Take advantage of our BetMGM Sportsbook promo code for Jul 2023 to enhance your betting journey.
Best for Beginner Bettors – BetRivers
BetRivers caters to novice bettors by providing a user-friendly desktop site that is perfect for those placing their first wagers. With easy navigation and clear instructions, BetRivers simplifies the betting process. The bet slip separates your stake from potential winnings, helping new bettors calculate their payouts effortlessly. Don’t forget to claim your BetRivers Sportsbook promo code for Jul 2023 to make the most of your bets.
Best for Payout Speed – FanDuel
FanDuel stands out with its swift payout processing, often completing transactions within 48 hours. The site even offers faster withdrawals for specific options like e-wallets, with some withdrawals processed instantly. Although first-time cashouts may take longer to process, FanDuel ensures a streamlined and efficient withdrawal experience. Don’t miss out on the action and grab your FanDuel Sportsbook promo code for Jul 2023 now.
Available Sports for Betting in NY
New Yorkers have a broad range of sports to bet on through licensed sportsbooks. Whether you’re a fan of professional leagues like the NFL, NBA, MLB, NHL, MLS, or prefer individual sports like tennis, golf, boxing, MMA, motorsports, or cricket, you’ll find plenty of options to keep you entertained. Additionally, fans of European soccer can enjoy betting on their favorite teams and tournaments. It’s important to note that college sports are also available for wagering, excluding in-state teams to protect the integrity of local athletes.
Permitted Banking Options in NY
When it comes to banking options, New York sportsbooks offer a variety of choices to cater to different preferences. Common methods include credit and debit cards like Mastercard and Visa, as well as e-wallet services like PayPal and Skrill. Some sportsbooks also accept deposits via PayNearMe, which allows you to add funds to your account using cash at select retailers like CVS and 7-Eleven. Online bank transfers and wire transfers are additional banking options available to New York bettors. Choose the method that suits you best and start enjoying the excitement of sports betting today!
New York Gambling Regulation
The New York State Gaming Commission is the regulatory body responsible for overseeing sports betting in the state. This commission ensures that all sportsbooks meet rigorous standards of safety, fair play, and responsible gambling protocols. It also regulates other forms of gambling, such as horse racing betting, lottery games, and Daily Fantasy Sports. With a strong commitment to player protection, the gaming commission ensures that New York bettors can enjoy a safe and secure betting environment.
How Does New York Compare to Other States?
New York sportsbooks offer broad coverage of professional sports from major leagues in the US to international competitions. The number of regulated professional sports betting markets in New York aligns with most other US states. However, New York does not allow college sports betting on in-state teams to prioritize the well-being of local athletes. Additionally, eSports betting is regulated on an event-by-event basis by the New York State Gaming Commission, as some eSports players are younger than 18.
Competitive Odds & Prices
When it comes to odds and prices, New York sportsbooks offer competitive rates that are on par with other jurisdictions. Bettors in New York can expect similar odds to those offered in other states. Additionally, many sportsbooks provide frequent odds boosts to encourage bettors to join the thriving market in New York, ensuring that you get the best value for your wagers.
New York boasts the highest online sportsbook operator tax in the United States, currently set at 51%. Pennsylvania has the next highest sportsbook tax rate at 36%. Despite the higher tax rates, New York’s increased population and numerous sports franchises make it an attractive market for sportsbooks. Since the launch of online sports betting in January 2022, New York has consistently handled over $1 billion every month, resulting in approximately $200 million in tax revenue from betting activity. The impact of mobile betting taxes has been significant, with the state collecting approximately $20 million in tax revenue from retail sportsbooks since 2019.
According to the Internal Revenue Code, all sportsbooks in the US must pay a 0.25% excise tax on their sports betting handle. Sportsbooks must also pay $50 for every employee involved in accepting sports wagers. As a bettor, you must declare all your sports betting profits to the IRS when filing your taxes. If your profits exceed $600, you must complete a W-2G form. It’s important to note that sportsbooks may withhold up to 24% of your winnings for tax purposes. In addition to federal taxes, New York bettors are also required to pay state taxes ranging from 4% to 10.9% based on their income level. Residents of New York City earning above $50,000 must pay an additional tax rate ranging from 3.078% to 3.876%.
How to Place a Bet in New York
If you’re new to sports betting in New York, we’ve got you covered with a step-by-step guide to placing your first bet:
- Choose one of the licensed online sportsbooks operating in New York. Visit their website or download their app from your device’s app store.
- Register an account by providing your personal information, including your full name, address, date of birth, phone number, email, and the last four digits of your Social Security number.
- If using a mobile app, ensure that you have enabled geolocation services to verify your location within New York state.
- Head to the cashier section of the sportsbook and choose your preferred payment method to make your first deposit. Be sure to check for any minimum deposit requirements to qualify for welcome offers or bonuses.
- Browse through the available sports and betting markets and choose the one you want to bet on.
- Add your selected market to your bet slip, choose your stake and any bonus funds you wish to use, and place your wager.
- Enjoy the thrill of watching your favorite sports and keep track of your bets.
- If your bets are successful and you want to withdraw your winnings, visit the cashier section and follow the sportsbook’s withdrawal instructions.
Banking Methods Available in New York
New York sportsbooks offer a wide range of banking methods for convenient deposits and withdrawals. These methods include:
- Online bank transfers
- Wire transfers
Each sportsbook may have its own specific list of accepted payment methods, so be sure to check with your chosen sportsbook for their available banking options.
Who is Eligible to Bet in NY?
To place legal bets in New York, you must be at least 21 years old and physically located within the state’s borders. The use of geolocation services ensures that you are playing within the Empire State. However, certain individuals are prohibited from betting in New York, including:
- College and professional sports team athletes
- Coaches and staff members of college and professional sports teams
- Individuals holding a stake in a sports team
- Individuals with authority to influence athletes
- Individuals with access to non-public information about a sports team that could affect the outcome of events, such as player medical records
- Referees who work for professional and college leagues and athletic competitions
- Employees of organizations with licenses from the New York State Gaming Commission to provide sports betting, including officers, owners, key staff members, and directors
- Individuals who have voluntarily excluded themselves from gambling activities
- Individuals prohibited from wagering on a state or federal level due to criminal history
It’s important to adhere to these regulations to ensure fair and transparent sports betting practices.
Latest New York Sports Betting Updates
Here are the latest updates on the current status of sports betting in New York:
Current Sports Betting Status in New York:
You can now legally place sports bets in New York if you are at least 21 years old and located within the state’s borders. Retail sports betting has been legal since July 16, 2019, with the launch of several retail sportsbooks in partner casinos. Online sports betting officially launched on January 8, 2022, providing New Yorkers with additional betting options.
Timeline for Sports Betting in New York:
- July 16, 2019: Retail sportsbooks launch in New York.
- April 19, 2021: Governor Cuomo signs the state legislative budget for 2022, which includes the legalization of online sports betting.
- 2020: COVID-19 pandemic postpones attempts to bring back bills from 2019.
- June 2019: Senator Joe Addabbo Jr.’s S 17D bill to legalize sports betting passes the Senate but does not progress in the House.
- May 2018: US Supreme Court deems the Professional and Amateur Sports Protection Act of 1992 (PASPA) unconstitutional, paving the way for states to legalize sports betting.
- March 2018: Sen. John Bonacic introduces S 7900 to the Senate to legalize sports betting, but the bill does not move past the Committee.
- August 2016: Governor Cuomo signs bill allowing Daily Fantasy Sports operators to return to New York.
- October 2015: Attorney General Eric Schneiderman orders DraftKings and FanDuel to cease operations for Daily Fantasy Sports, describing it as a rebranding of sports betting.
New York Sports Betting Background:
New York’s sports betting laws date back to 2013 when voters approved the launch of commercial casinos. Retail sports betting became possible as a result, and regulation further expanded when the US Supreme Court struck down PASPA in 2018. Since then, retail sportsbooks have been able to operate in the state without the need for additional legislation.
Future of New York Sports Betting
While there is no immediate rush to expand the sports betting market in New York, there is ongoing interest from various sportsbook operators like Barstool Sportsbook and bet365. These operators may seek to launch in New York in the coming years, potentially expanding the range of options available to bettors. The future of sports betting in New York looks promising, with a growing market and increasing competition.
Responsible Gambling Resources in New York
In New York, responsible gambling is an important aspect of the sports betting landscape. If you or someone you know is struggling with a gambling problem or wants to learn more about responsible gambling practices, several resources are available:
- New York Council on Problem Gambling – Provides resources for preventing and treating problem gambling, as well as information on supporting organizations. Contact them at (518) 867-4084.
- Office of Addiction Services and Supports – Offers guidance on responsible play and preventing problem gambling. Provides educational materials on problem gambling. Contact them at (877) 846-7369.
- New York State Problem Gambling Resource Centers – Provides information and support for problem gambling, directing individuals to help centers in their region.
Additionally, New York offers a self-exclusion program that allows individuals to voluntarily exclude themselves from accessing gambling sites or locations. This program helps promote responsible gambling practices and prevent problem gambling. If you wish to join the self-exclusion program, visit the New York State Gaming Commission’s website, fill out the form, and mail it to the commission.
Who Oversees Sports Betting in New York?
The New York State Gaming Commission is the regulatory body responsible for overseeing sports betting in the state. This commission ensures that sportsbooks operate safely, fairly, and in compliance with all applicable regulations. The New York State Gaming Commission was established in 2013 and merged the responsibilities of the New York State Racing and Wagering Board and the New York State Division of Lottery. With its five appointed commissioners, the commission is dedicated to maintaining the integrity of sports betting in New York and protecting the interests of bettors.
Frequently Asked Questions
Q: Is betting in New York legal?
A: Yes, both online and retail sports betting are legal in New York.
Q: Who governs sports betting in New York?
A: The New York State Gaming Commission oversees all sports betting activities in the state.
Q: How old do you have to be to bet in New York?
A: You must be at least 21 years old to legally bet in New York.
Q: When did sports betting launch in New York?
A: Retail sports betting launched in New York on July 16, 2019. Online sports betting officially launched on January 8, 2022.
Q: Which sportsbooks are legal in New York?
A: The current licensed online sportsbooks in New York are BetRivers, BetMGM, Caesars, DraftKings, FanDuel, PointsBet, Resorts World Bet, and WynnBET.
Q: Are sportsbooks in New York safe?
A: Yes, as long as you choose a licensed sportsbook regulated by the New York State Gaming Commission, you can trust that your betting activities are safe and secure.
Q: Can you play DraftKings in New York?
A: Yes, DraftKings is available for online betting in New York.