You can now use your phone to bet on sports if you live in New York. CNBC reports that the state has legalized mobile sports betting effective January 8. Several companies are already taking bets as of 9AM Eastern, including DraftKings, FanDuel, Caesars Sportsbook and Rush Street Interactive. Five other companies (including BetMGM and WynnBet) have licenses but have not yet met legal requirements.
The move came after former New York governor Andrew Cuomo changed his mind about online sports betting. He saw it as an opportunity to preserve more tax revenue and make the state the largest gambling market in the US. New Jersey currently dominates US online gambling, with research firm Eilers & Krejcik noting that about a fifth of all revenue comes from the state.
However, any success can take a while. New York’s 51 percent tax rate on gambling revenues is much steeper than New Jersey’s 13 percent, and that could prevent the Empire State from taking the lead for years to come. Still, this could be a major turning point: New York is clearly large and influential, and the result of its efforts could influence positions on mobile betting in states where the practice is still illegal.
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