Posted on: January 17, 2022, 03:41h.
Last updated on: January 17, 2022, 03:41h.
There are now five mobile sports betting operators live in New York. On Monday, BetMGM became the latest to gain approval to launch in the Empire State.
The joint venture between MGM Resorts International and Entain joins BetRivers, Caesars Sportsbook, DraftKings, and FanDuel in the marketplace. Those four launched in the state on Jan. 8.
BetMGM CEO Adam Greenblatt said in a statement the rollout is a “big moment.” New York becomes the 19th and the largest market for the sports betting operator. The company has had a presence in the state for about two years since it acquired the Empire City Casino and Yonkers Raceway from the Rooney family for $850 million.
We have some incredible plans for our new customers in New York tied in with Empire City Casino and our friends at Madison Square Garden,” he said.
The operator serves as an official sports betting partner of Madison Square Garden (MSG), which operates the historic New York City arena that carries the name as well as regional sports networks. MSG also owns the NBA’s New York Knicks and NHL’s New York Rangers. BetMGM is a sports betting partner of both as well.
New York state law calls for the BetMGM server to be located at a casino in the state. Empire City does not qualify, though, to host because it is not a full-fledged casino. Unlike the four commercially licensed upstate casinos, Empire City only offers video lottery terminals and electronic versions of table games.
Risk-Free Bet Available for New Customers
Just as the other sportsbooks that launched earlier this month, BetMGM is also offering bonuses and incentives to attract customers.
The biggest is the risk-free first bet of up to $1,000. Certain conditions do apply, and it is limited to new customers. So, anyone who registered for BetMGM and wagered with it in New Jersey or another state would not be eligible.
The launch in New York comes just before MGM Resorts makes significant revisions to its loyalty rewards program. The new program, MGM Rewards, will change how guests earn points at the company’s casinos and resorts as well as on the BetMGM sports betting and iGaming apps.
MGM’s current program, M life Rewards, has more than 34 million members. Those individuals will be transitioned into the new program starting next month.
Four More to Roll Out in New York
With BetMGM now live, that leaves four sportsbooks that the New York State Gaming Commission approved back in November still await final approval to officially launch.
Those sportsbooks are BallyBET, PointsBet, Resorts World, and Wynn Interactive.
The revenues from the mobile sports betting apps will be taxed at 51 percent by the state. That was the amount proposed by the winning bidders and the other operators selected by the state through a request for applications process.
The state will also receive $200 million in licensing fees, with those licenses valid for 10 years.
New York is currently the largest state to offer mobile sports betting. Analysts expect it to be the top market as a result, and so far, those projections are likely to become reality.