Sports betting has become a widespread hobby as more states are legalising it. New York is one of the most recent states that have made sports betting legal, but before you start placing your bets, it is paramount to understand the rules and regulations governing sports betting in the state. Here is what one must be aware of before making any bets in New York. Firstly, sports betting is only authorized at specific locations within the state. Presently, only four commercial casinos in New York provide this activity.
Additionally, mobile sports betting was approved in 2020, yet you can only access it on casino premises. This limitation should be taken into consideration if you plan to make bets while traveling in New York. Furthermore, taxes are another important factor when it comes to sports betting in New York. Commercial casinos are taxed at 10% on their gross gaming revenue collected yearly, not on individual bets, and the money generated goes towards funding various education programs across the state.
It's crucial to keep in mind that the legality of sports betting is limited to specific locations in New York. Presently, you can only place sports bets in New York sportsbooks of four commercial casinos in the state. In 2020, mobile sports betting was approved, but it's only accessible within the premises of any casino. This limitation is vital if you consider placing bets in New York.
Apart from regulations, taxes are another significant aspect to consider when sports betting in New York. A 10% tax is levied on gross gaming revenue (GGR) for commercial casinos. Please note that tax collection is done based on annual GGR and not individual bets. The collected revenue funds educational initiatives in the state.
Sports Betting is Legal, but Only in Certain Locations
New York approved commercial casinos through a referendum in 2013. Subsequently, in 2019, the state legalized sports betting, accessible only in commercial casinos. Mobile sports betting was also approved after a year by the state legislature. However, it has a limited scope and can only be accessed on the premises of commercial casinos.
At present, four commercial casinos in New York allow sports betting. These are:
- Resorts World Catskills in Sullivan County
- Tioga Downs Casino Resort in Tioga County
- Rivers Casino & Resort Schenectady in Schenectady County
- Del Lago Resort Casino in Seneca County
Each of these casinos has a dedicated sportsbook where you can place bets. Notably, to bet on mobile devices, you still need to be present within the casino's vicinity.
To engage in sports betting activities in New York, you must be at least 21 years old, which is the standard age requirement for most states where sports betting is legal.
Betting on Local Teams
New York has a law that prohibits people from betting on local college teams, like Syracuse University, Fordham University or any other in-state collegiate team. Therefore, you cannot bet on these teams if you wish to do so.
Additionally, this law also restricts betting on high school sports events, so if you're searching for local sporting events to place a wager on, please bear this in mind.
Sports betting is taxed in New York, as is the case with any form of gambling. Presently, the tax rate for sports betting is 10%, which is levied on gross gaming revenue (GGR) for commercial casinos. Tax collection is based on yearly GGR, not individual bets. The income generated from this tax goes towards funding education initiatives within the state.
Betting on Fantasy Sports
Fantasy sports were legalized in New York in 2016. Participating in online daily and season-long fantasy sports contests in the state is legal. It's important to note that, unlike sports betting, fantasy sports are legal throughout the state, meaning you can take part in these contests no matter where you are in the state as long as you're aged 18 years or older.
New York's sports betting industry is considerably limited, with only four commercial casinos providing sports betting options. Moreover, it's crucial to note that you must be physically present within the casino before placing any bets on mobile devices. Nevertheless, there is hope for the state's potential expansion of the sports betting industry. You should be aware of the state's laws and regulations governing sports betting before engaging in any sports wagering activities. Always gamble responsibly and stay within your limits.