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 indicate that the country has legalized mobile sports betting as of January 8. Several companies started betting as of 9 a.m. ET, including DraftKings, FanDuel, Caesars Sportsbook and Rush Street Interactive. Five other companies (including BetMGM and WynnBet) have licenses, but they have not yet met the legal requirements.

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

However, any success may take some time. New York’s 51 percent tax rate on gambling revenue is much higher than New Jersey’s 13 percent tax rate, and that could prevent the Empire State from claiming the top spot for years. However, this could be an important turning point – New York is clearly large and influential, and the results of its efforts could influence attitudes about mobile betting in countries where the practice remains illegal.

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