Tech

Mobile sports betting is now legal in New York State

You can now use your phone to bet on sports if you live in New York. CNBC reports the state legalized mobile sports betting since January 8. Several companies are already taking bets as of 9:00 a.m. Eastern Time, including DraftKings, FanDuel, sport bets and Rush Street Interactive. Five other companies (including BetMGM and WynnBet) have licenses, but have not yet met legal requirements.

The move came after former New York Governor Andrew Cuomo changed his mind about online sports betting. He saw an opportunity to retain more tax revenue and make the state the largest betting market in the United States. New Jersey currently dominates US online gambling, with research firm Eilers & Krejcik noting that about one-fifth of all revenue comes from the state.

However, any success may take some time. New York’s 51 percent gambling income tax rate is much higher than New Jersey’s 13 percent, and that could keep the Empire State from claiming the lead for years. Still, it can be a turning point – New York is clearly big and influential, and the result of its efforts could influence mobile betting positions in states where the practice remains illegal.

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