Legal mobile sports betting begins in New York state
New York is ready to roll the dice on mobile sports betting.
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As NewsChannel 13 has been reporting, four sports wagering operators can start accepting bets Saturday. They are Caesars, DraftKings, FanDuel and Rush Street Interactive.
This will make New York one of 18 states where it is legal to place sports bets remotely through online sports books.
Eric Ramsey, the lead market analyst for PlayNY.com, believes that $10 billion to $12 billion will be generated from sports betting in New York. He believes there will be about $1 billion in gross revenue a year.
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He says a challenge is going to be for the operators and whether or not they can turn a profit given the current economic climate.
"This 51% tax rate – as you probably know, is the highest in the country for a competitive market like this and sports betting is a low margin, high expense industry," said Ramsey. "Despite the total amount of wagers being placed, the actual bottom line revenue for the operators is fairly small."
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Find out when Ramsey says he’ll be able to gage whether or not this is a success, by watching the video of Jonathan Hunter’s story.