Understanding the Legal Landscape of New York's Sportsbooks

The legalization of sports betting has slowly made its way across the US. The US when it comes to gambling restrictions and regulations has always been tricky because of each state's separate laws. However, legalizing sports betting in New York was always a top priority in the industry. After all, New York is one of the biggest cities in the US and has a massive population, along with numerous regional teams. Online sports betting began in New York back in January of 2022. It's hard to believe it's so fresh considering the market has grown since its launch, with about $1.75 billion wagered in New York during the first month of the NFL season in 2023.

Sports Betting In New York: The Basics

It was a long and winding road to legalize sports betting, but here we finally are. Both detail and mobile sports betting are legalized in New York, so as long as you reside within New York State, you can bet on a licensed website. You don't even need to be considered a New York resident to make wagers, similar to Nevada. Sports Betting is regulated by the New York State Gaming Commission, and retail sportsbooks began in 2019.

One of the reasons New York sports betting is booming has to do with the number of popular sports teams. There's the New York Yankees, and the New York Mets. There's the New York Islanders and the New York Rangers if you're into hockey. They have the Buffalo Sabres and the New York Giants for NFL fans.

The Teams and The Sportsbooks

Other teams home to New York include the New York Jets, Buffalo Bills, the New York Knicks and the Brooklyn Nets. There's also the New York Liberty and New York Red Bulls and the New York City FC. With such an extensive collection of teams, it's no wonder sportsbook betting is generating so much revenue. New Yorkers also have a plethora of sports betting sites to choose from, and most of these sports betting sites are reputable and well established, known for their integrity, promotions and excellent game catalog, such as DraftKings, which is the company that signed with the New York Rangers and New York Knicks in January of 2020. They also signed with the New York Giants in 2020, and even opened a virtual sports lounge open on game days. Another online sportsbook is Ceasars, which signed a deal with the New York Mets to open a sportsbook lounge inside Citi Field. Caesars also partnered with the Rangers and the Knicks. Fan Duel is another excellent sports betting platform that signed with New York Liberty in April of 2020, and also partners with the Buffalo Sabres. BetMGM is also known for signing deals with the Rangers, Knicks and the New York Jets.

There are several different ways to fund your account while playing at these New York sportsbooks, too. You can use a credit or debit card. You could also enter your bank info for an ACH transfer, or even just use a PayPal account. Your funds probably won't show up immediately, but it'll allow you to place a bet merely seconds after you make a deposit. If you plan to withdraw funds, that'll take a little longer depending on your payment method.

Taxes

Online sportsbooks in New York are taxed at a 51% rate, and 98% or tax revenue goes to education funding, while the remaining amount is split evenly between a problem gambling fund and a youth sports grant program, so you can feel good about where your money is going.