New York Launches New Sports Betting Laws

official betting

Among the sports that have been able to successfully incorporate official betting into their operations are baseball, NFL, NBA, NHL, PGA TOUR and NASCAR. The sport’s popularity makes licensing the games and events more attractive for sportsbooks, who can now offer bespoke head-to-head markets for all major leagues and events. Although the legality of sports betting is often questioned, the open market approach adopted by New York has resulted in a thriving market for licensed sports betting operators.

New York’s open market approach to licensing

After a year of deliberation, the New York Gaming Commission has approved the launch of an official betting system. The state’s lawmakers cited a 2022 Super Bowl as the target date for the program’s launch. In July, the Gaming Commission published a Request for Applications (RFA). In the RFA, potential platform providers were evaluated on their gross revenue estimates, tax rate, past experience in the industry, timeline for potential operations, and willingness to enter into revenue sharing agreements with Native American tribes.

This approach means that New York’s taxpayers won’t have the same gambling options as those in neighboring New Jersey, where the state has had an official gambling market for three and a half years. New Jersey’s casinos will open mid-January. But despite the state’s recent victory, taxpayers in New York are likely to be disappointed. The New York gaming industry’s legality has been questioned, but the Supreme Court’s decision on PASPA is a good start.

PGA TOUR’s official betting operator

BetMGM has been named the PGA TOUR’s official betting operator. The deal is a multi-year content and marketing agreement that will accelerate the tour’s sports betting strategy and engage golf betting enthusiasts. In exchange, BetMGM will receive rights to use tour logos and other assets in its marketing, as well as produce pre-game betting programming and distribute highlights to users. This is just the latest example of the TOUR’s embrace of betting.

The PGA TOUR has embraced the sports betting industry following the Supreme Court’s repeal of PASPA. It partnered with IMG Arena to provide official live scoring data to betting operators. It also launched its own betting website, GolfBet, in March. DraftKings, the PGA TOUR’s official betting operator, is also committed to responsible gaming practices. As a Platinum Member of the National Council on Problem Gambling, the PGA TOUR aims to encourage responsible gambling practices.

NFL’s official betting partners

Last April, the NFL announced its first official sportsbook partnerships, signing multi-year contracts with Draft Kings, Fan Duel, and Caesars Entertainment. The league previously warned about the perils of legal sports betting but knew that gambling was the lifeblood of its game. The league vowed to “protect the integrity of the game” by limiting its official betting partners to those that provide “world-class technology.”

The NFL also announced a multi-year data tie-up with Genius Sports. This deal is worth hundreds of millions of dollars and is directly linked to league sports betting partners. In exchange, the NFL has authorized the first three and next tier partners to pay Genius for official data from the league. Additionally, the NFL will provide exclusive content to those sportsbooks. The NFL anticipates that the deals will bring in $270 million in 2021, and hopes that $1 billion per year will come from betting content on the NFL.

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