New York Hoping to Launch Sports Betting By Early 2022

Published on August 21st, 2021 11:28 am EST
Written By: Dave Manuel


Count one big name in on the New York sports betting market.

Earlier this week, Jay-Z (Shawn Carter) was revealed as being part of one of the bids to attain a coveted New York sports betting license.

The group that Jay-Z is a part of is impressive and contains a number of other big names/entities, including Michael Rubin (Philadelphia 76ers owner, Fanatics owner), Kambi (sports betting technology provider) and Penn National.

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There are a total of six bids looking to obtain a license to operate sportsbooks on four different platforms/skins in the state of New York.

The NYSGA is expected to announce the winning bids on December 6th, in anticipation of the market opening in early 2022.

The New York sports betting market is expected to be very big, with revenues in the state expected to swell to $1.8 billion in 5 years.

The state will be charging $25 million for a sports betting license, and they will be receiving 50% of revenues from ongoing operations.

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There are a number of very powerful bids for a license in the state.

One bid includes the Buffalo Bills, New York Yankees, Fanduel, DraftKings and Bally's.

Another bid includes Caesars, Wynn, Rush Street and PointsBet.

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The Jay-Z/Rubin/Kambi/Penn National application would result in the formation of the "Fanatics Sportsbook".

Two licenses will be accepted, and New York is hoping to see their first revenue by the time that the Super Bowl is played in February.