BetMGM becomes the fifth mobile sports betting app in New York
Posted on: January 17, 2022, 03:41h.
Last update on: January 17, 2022, 03:41h.
There are now five mobile sports betting operators living in New York. On Monday, BetMGM became the latest to gain launch approval in the Empire State.
The joint venture between MGM Resorts International and Entain joins BetRivers, Caesars Sportsbook, DraftKings and FanDuel in the market. These four were launched in the state on January 8.
BetMGM CEO Adam Greenblatt said in a statement that the rollout was a “big moment”. New York becomes the 19th and largest market for the sports betting operator. The company has had a presence in the state for about two years since acquiring Empire City Casino and Yonkers Raceway from the Rooney family for $850 million.
We have amazing plans for our new customers in New York related to Empire City Casino and our friends at Madison Square Garden,” he said.
The operator is an official sports betting partner of Madison Square Garden (MSG), which operates the historic New York arena that bears the name as well as regional sports networks. MSG also owns the New York Knicks of the NBA and the New York Rangers of the NHL. BetMGM is also a sports betting partner of both.
New York State law requires the BetMGM server to be located in a state casino. Empire City is however not qualified to host as it is not a fully-fledged casino. Unlike the four commercially licensed upstate casinos, Empire City only offers video lottery terminals and electronic versions of table games.
Risk-free betting available for new customers
Just like other sportsbooks launched earlier this month, BetMGM also offers bonuses and incentives to attract customers.
The biggest is the first risk-free bet up to $1,000. Certain conditions apply and are limited to new customers. So anyone who signed up with BetMGM and bet with them in New Jersey or another state would not be eligible.
The New York launch comes just before MGM Resorts makes major revisions to its loyalty program. The new program, MGM Rewards, will change the way customers earn points at the company’s casinos and resorts as well as BetMGM sportsbooks and iGaming apps.
MGM’s current program, M life Rewards, has over 34 million members. These people will be transferred to the new program starting next month.
Four more to deploy in New York
With BetMGM now live, that leaves four sportsbooks that the New York State Gaming Commission approved in November are still awaiting final approval for official launch.
These sportsbooks are BallyBET, PointsBet, Resorts World and Wynn Interactive.
Revenue from mobile sports betting apps will be taxed at 51% by the state. This was the amount proposed by the successful bidders and the other operators selected by the State in the context of a call for applications.
The state will also receive $200 million in license fees, as these licenses are valid for 10 years.
New York is currently the largest state to offer mobile sports betting. Analysts expect this to be the first market as a result, and so far those projections are likely to come true.
