A super-bid was created by several leading online sports betting operators to get approved for New York’s new sports betting contract. On Monday, the New York Gaming Commission revealed that they’ve received six applications in total for the mobile sports betting contract. These six applications include 14 different online service providers through different partnerships.
As per New York gaming regulations, the State will have to approve a minimum of at least two gambling platform providers and a minimum of four operators for sports betting. There is no maximum limit on the number of sports betting licenses that can be provided.
New York is expected to have one of the biggest sports betting markets in the USA in the coming months, with estimated annual State revenue from taxes being $500 million. The new mobile sports betting providers approved by the State will also have to pay a $25 million one-time fee to the State.
At present, one of the strongest applicants in the New York bid is the super-bid. The primary applicant of the super bid is FanDuel, and they are partnered with BetMGM, DraftKings, and Bally Bet. The biggest advantage of this super-bid is its ability to bring in massive revenues for the State. According to industry experts, the super-bid partners already have deals with NY’s premier sports teams like New York Yankees (MLB), New York City FC (MLS), Buffalo Bills (NFL), and Buffalo Sabres (NHL) to strengthen their application. These four sportsbooks involved in the super-bid also operate a number of well-known sports-related broadcasts.
One of the applicant partners, DraftKings, has recently acquired Golden Nugget Online Gaming with its portfolio of more than 5.5 million customers. This is expected to add more points to their application. The applicants are also said to have signed a revenue-sharing plan with the tribal Oneida Indian Nation to gain an extra five points.
Another strong competitor among the NY mobile sports betting applicants is Kambi. Its partners are Fanatics and Penn Sports Interactive. Interestingly Kambi has put in another offer in partnership with PointsBet, Caesars Entertainment, Resorts World, Wynn Bet, and Rush Street Interactive. All of these names are also leading players in the sports betting industry with experience and an abundance of funds.
There are also some strong single applicants without partners like Bet365, FoxBet, and The Score. This mad rush to become a part of the NY sports betting market shows that the State has huge untapped potential in this market that can be capitalized on in the coming time.