New York mobile sports betting launch "imminent", Senator says

New York State Sen. Joseph Addabbo, Jr. said mobile sports betting launch is "imminent" and could happen before or during the NFL playoffs this month, which would mark the beginning of what's expected to be one of the largest online sports betting markets in the US.

Addabbo, who chairs the Senate Racing, Gaming and Wagering Committee, on Wednesday told ESPN he believes it could happen as early as this week or next, but the New York State Gaming Commission has not committed to a launch date.

Servers for sportsbook operators are being installed at the state's licensed land-based casinos, as required by New York law, and bookmaking companies were prepping for one of the most highly-anticipated new betting markets to launch in the U.S. Addabbo said once they are all ready, a date will be negotiated for all sportsbooks to start taking bets.

BonusFinder predicted New York is set to become the largest gaming market in the US despite its 51% tax rate, the highest in the country. VIXIO GamblingCompliance, an industry trade publication and regulatory intelligence service, projects the New York betting market could gross $667 million in revenue this year. By 2025, the firm estimates annual gross revenue to hit $1.1 billion, which would make it the largest betting market in the U.S. to date.

In November, nine sportsbook operators were recommended for licensing in New York: FanDuel, DraftKings, BetMGM, Bally Bet, Caesars Sportsbook, PointsBet, Resorts World, Rush Street Interactive, WynnBET and Kambi. The finalized rules were published later that month.

"New York bettors were going to New Jersey, to Pennsylvania or New England," Addabbo told ESPN. "So, we're asking them to switch from what they were doing, try the New York product and then stay with us. New Yorkers are so savvy when it comes to sports that if we don't have a competitive [sports betting] product that rivals and competes with New Jersey, Pennsylvania or even the illegal market, in a millisecond, they'll go back to what they were doing."