• Loading stock data...
Saturday, August 2, 2025
Tuned In returns to NYC on September 16. Hear from the biggest names in sports media. Click here to get your spot

New York Tentatively Approves Online Sports Betting

  • New York is legalizing online sports betting.
  • However, wagering will come at a cost.
Office of the Governor NY/Design: Alex Brooks

New York is legalizing online sports betting, but wagering will come at a cost. 

Backed by Gov. Andrew Cuomo, a tentative agreement has been reached to allow online sports betting in the state, but through a model that is lottery-run and limits the number of sportsbooks. The agreement will be passed as part of New York’s $200 billion fiscal year 2022 budget. 

More on New York’s lottery-run plan:

  • Only one or two sportsbooks would operate online betting in the entire state.
  • There will be a higher tax rate than the 12% seen in NY casinos. 
  • State tax revenue would reach about $500 million annually.

New York first legalized sports betting in 2013 but limited action to casinos. A federal case in 2019 expanded betting to retail sportsbooks, but now New Yorkers will be able to indulge from their phones or computers.

“We hope everyone in our state who has been spending money in New Jersey or Pennsylvania or perhaps illegally will try us and stay with us,” Sen. Joseph Addabbo told The Action Network. 

Last year, New Jersey saw a sports betting handle of $6 billion, while Pennsylvania funneled $3.5 billion through its sportsbooks. Online sports betting could potentially make up 90% of New York’s betting handle. 

DraftKings and FanDuel could be front-runners to operate mobile betting in New York, according to Cuomo.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

DraftKings
exclusive

DraftKings in Talks to Acquire Prediction Market Railbird Exchange

Sportsbooks and prediction markets are becoming increasingly intertwined.

Murphy: Club WC Snags Won’t Derail Biggest Event ‘in Human History’

New Jersey’s MetLife Stadium is the concluding site of both FIFA events.
Sports are shown on TVs behind a bar as guests enjoy the grand opening of DraftKings Sports & Social in Ohio.

California AG Has Declared Daily Fantasy Sports Are Illegal. Now What?

The opinion might spark a broader DFS conversation in the state.

Featured Today

Coco Gauff at New York Liberty

How the New York Liberty Became the Hottest Ticket in Town

Once banished to the burbs, the Libs are now Brooklyn’s marquee attraction.
Las Vegas sign
July 29, 2025

College Sports Embracing Vegas After Years of Cold Shoulder

The Big Ten became the latest newcomer to Sin City.
2000, Jupiter, FL, USA; FILE PHOTO; Montreal Expos pitcher Hideki Irabu in action on the mound against the New York Mets at Roger Dean Stadium during Spring Training
July 28, 2025

Dead Sports Franchises Are Alive and Well on Twitter

The Expos, Sonics, and Whalers have active social media accounts.
Limited Hype
July 27, 2025

Sneaker Reselling Was Once Easy Money. Success Is Now Complicated

Vendors need to evolve what they’re selling and how they do it.
Emmanuel Clase

Emmanuel Clase Gambling Leave Not Costing Finlete Investors—Yet

Clase is the company’s only client currently in the majors.
Polymarket
July 21, 2025

Polymarket Set to Become Legal in U.S. After Buying Small Exchange

Derivatives exchange QCX was recently licensed by the CFTC.
Jun 21, 2025; West Sacramento, California, USA; Cleveland Guardians pitcher Emmanuel Clase (48) throws a pitch against the Athletics during the ninth inning at Sutter Health Park.
July 28, 2025

Guardians Star Closer Put on Paid Leave Amid Gambling Probe

Emmanuel Clase joins fellow Guardians pitcher Luis Ortiz on paid leave.
Sponsored

Game On: Portfolio Players Stories, Brought to You by E*TRADE from Morgan Stanley

Dealmaker Jeffrey Kaplan maps the evolution of sports as an asset class
Jun 9, 2025; Cleveland, Ohio, USA; Cleveland Guardians starting pitcher Luis Ortiz (45) reacts after giving up a home run during the fourth inning against the Cincinnati Reds at Progressive Field.
July 18, 2025

MLB Pitcher’s Paid Leave Extended Through August As Betting Probe Continues

Leagues have been dealing with a host of sports betting issues.
Mar 31, 2025; Washington, District of Columbia, USA; Miami Heat guard Terry Rozier (2) drives to the basket against Washington Wizards guard AJ Johnson (5) during the first quarter at Capital One Arena.
July 16, 2025

Terry Rozier’s Attorney Confirms He’s Still Under Federal Gambling Probe

Rozier finished the season playing for the Heat despite the federal probe.
The Department of Justice logo on a podium at the Louisville, Kentucky office. July 1, 2025
July 16, 2025

Prediction Market Platform Polymarket Says It Escaped Federal Probe

Prediction markets are having a moment.
Mar 16, 2024; Las Vegas, NV, USA; The BetMGM Sportsbook at the Mandalay Bay resort and casino.
July 11, 2025

Support Grows to Repeal Gambling Tax in Trump Budget Bill

A new bill has been introduced in the Senate.