legal online sports betting united states

Under state law, about 80% of that revenue is flagged for two purposes: elementary and secondary education, and property tax relief. The money from the state tax on mobile betting revenue will, for the most part, be divided up the same way other gambling revenue is. That could draw in some significant money for the state: By the time mobile betting is fully implemented, the state Division of Budget estimates it will bring in more than $480 million a year to the state’s coffers.

The state is implementing a 51% tax on gross revenues by mobile sports betting operators. The reason why state policymakers were eager to embrace it is simple: Money. And in April, Cuomo and lawmakers tucked the mobile-betting provision in the state’s $212 billion spending plan.

New York allowed the state’s private and Native-run casinos to begin taking sports bets in 2019. Supreme Court struck down a federal ban in 2018. Gambling interests had been actively lobbying New York to permit sports gambling and, eventually, mobile betting ever since the U.S. Here’s what you need to know about mobile sports wagering in New York: Why is New York allowing this? It’s expected to be a money-maker for the state, with New York charging a far higher tax rate than other large states. Andrew Cuomo cleared the way for mobile wagering last April, when it was included as part of the state budget. The state Gaming Commission gave the green light to four mobile betting operators to begin taking wagers Saturday, making New York at least the 18th state to permit online sports gambling in some form.Īs of 9 a.m., the mobile betting apps had all been given the all-clear to launch in New York, which joined neighboring states like New Jersey, Connecticut and Pennsylvania in allowing mobile sports wagering. New Yorkers can now place bets on sporting events from their own home.

Legal online sports betting united states