The launch of legal mobile sports wagering in New York follows the signing of Governor Andrew Cuomo’s FY 2022 budget in April this year.
The budget included provisions for allowing sports betting, with a $25m license fee and a bidding process to determine licensees based on a scoring system.
Tax rates will be determined through the bidding process, with a minimum of 12% of gross gaming revenue (GGR).
Applicants will be awarded points based on their proposed tax rates, with a 12.5% to 30% rate earning 3 points and a 50% rate earning 20 points.
Additional points will be awarded for tax rates above 50%.
The chosen tax rate will also determine the length of the license term, with rates of 12.5% to 30% granting a 3-year term, 30% to 50% granting a 5-year term, and rates of 50% or higher granting a 10-year term.
For more information, read the full story on InnovateChange North America.
