New York Releases Sports Betting RFA, Seeks 50 Percent of Revenues

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More than a week after it was supposed to be released, the New York State Gaming Commission on Friday posted the much-anticipated request for applications for mobile sports betting. And if operators want to set up shop in what would be the country’s most lucrative market, they’ll need to pony up to the state.

New York sports betting
New York sports betting
The Lower Manhattan skyline in New York City. On Friday, the New York State Gaming Commission released the highly anticipated solicitation for mobile sports betting operators. Based on the application timeframe, bettors across New York would be able to use their phones to make wagers perhaps by early next year. (Image: NYC.gov)

Based on the solicitation, New York is looking for operators that would be willing to share at least half of their gross gaming revenue with the state. That’s in addition to the $25 million platform providers will need to pay to get a license.

Under the plan approved by lawmakers when they passed the budget in April, the state will award at least two licenses to platform operators. Those platform operators will partner with at least two mobile sportsbooks.

It’s a large part of the framework Gov. Andrew Cuomo called for when he announced his support for mobile wagering statewide. Unlike most states that license mobile operators through established relationships with casinos or other stakeholders, Cuomo wanted the state to run sports betting similar to the lottery, where one or more operators worked directly with the state and entered into revenue-sharing agreements.

Cuomo has estimated the state could get up to $500 million a year when the sports betting market matures.

Initial applications must be submitted by 4 pm ET Aug. 9, according to the timeline posted in the solicitation.

Under the current timeframe, finalists will be selected by the Gaming Commission no later than Dec. 6. Those finalists will have one week to submit their final applications.

The Gaming Commission said the licenses would be awarded at its subsequent meeting. It last met on June 29 and no other meeting dates have been set for this year.

State Sen. Joseph Addabbo (D-Queens), who chairs the Senate Committee on Racing, Gaming & Wagering and has pushed for mobile betting for years, has said he wants to see betting apps available by the Super Bowl next February.

The request-for-applications document was supposed to be released by July 1, according to the state budget. There was no explanation from the Gaming Commission for the delay.

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The post New York Releases Sports Betting RFA, Seeks 50 Percent of Revenues appeared first on Casino.org.

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