New York has launched its 30-day request for the application period to operate sports betting, according to Fantini’s Gaming Report.
The state will offer at least two platform provider and four sportsbook licences. Bidders will propose their own tax rate and the scoring system will favour those willing to pay the highest taxes.
The minimum tax rate is 12.5 per cent, but the state is looking for 50 per cent or more.
Points will also be awarded for offering a revenue sharing agreement with a state Indian tribe.
The final agreed-upon tax rate will also affect the licence term – 10 years for 50 per cent or more, five years for 30 to 50 per cent, or three years for under 30 per cent.
Bids close on August 9 and presentations will begin on September 1.
The New York state gaming commission will select the winners by January 6.
Cuomo, a three-term governor, has indicated that New York has the capability to emerge as the nation’s largest market for mobile sports betting. At maturity, Cuomo’s office projects that online sports wagering could bring the state $500 million a year in tax revenue.
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