Considering applying for a mobile sports betting license in New York? Having at last issued its request for applications (RFA), the New York State Gaming Commission (NYSGC) today shared newly amended draft regulations for applicants’ consideration as they pull together their proposals.
Prospective operators have 30 days to submit their bids. Before they do they’ll want to study closely the NYSGC’s rules as presented in a 60-page document detailing the licensing and review process, internal controls, record keeping and reporting obligations, specifics regarding the processing of different wager types and more.
Perhaps most notably, the draft regulations outline in detail requirements for mobile sports wagering. These rules establish various guidelines, including the licensing of platform providers and skins, license terms, and requirements concerning tax payments. They also specify the requirements operators must impose on bettors wishing to place sports wagers on their sites.
Mobile sports wagering rules, eligibility requirements clarified
Those FAQs covered numerous details concerning the application process, including how providers’ initial bids must include operators, the $25 million license fee, and how regulators will be selecting at least two platform providers and four mobile sports wagering operators.
When answering those FAQs, the NYSGC resisted answering questions about its judging criteria. Instead regulators promised they would provide such information in the RFA, where indeed such information about the evaluation process appears in great detail.
Meanwhile the rules provide further guidelines, such as when discussing eligibility requirements for platform providers and skins. There the NYSGC notes applicants will be disqualified for not being timely, failing to meet other RFA requirements, or engaging in collusive bidding with another applicant (unless regulators determine such collusion to have been acceptable).
The draft regulations officially set the license term at 10 years. The NYSGC will later establish the process and requirements for licensees to apply for renewal.
The regulations additionally confirm that each platform provider will provide tax payments on a weekly basis. They will also submit weekly reports of their gross gaming revenue. These reports will clearly convey how much revenue each skin has produced.
Identifying authorized bettors, outlining banking options
Also spelled out in detail are the operators’ requirements and obligations when accepting new sign-ups and wagers from authorized sports bettors. Operators must gather and confirm the bettors’ personal information, including ensuring they are at least 21 years of age. Bettors must also use multi-factor authentication when verifying their identity.
The regulations also specify permitted banking options for depositing and withdrawing funds. Allowed depositing methods include:
- credit cards (up to $2,500 per year per account)
- debit cards
- prepaid cards
- ACH / e-check
- wire transfer
- cash at casino cage
- free bets, promotional credits, or bonus credits
These same methods are available for withdrawals as well, minus credit cards. All withdrawals must be processed within a maximum of seven days with certain exceptions, such as when requesting a check by mail.
The race is on to launch sports betting before February Super Bowl
As noted, the NYSGC also issued its RFA today, having earlier missed the state’s July 1 deadline despite having had three months’ notice to have the RFA ready by that date. Having issued it today, that means operators have until 4 p.m. on August 9 to submit their applications.
The law then gives the NYSGC another 150 days to make its selections. That means it could potentially take until early January for winning bids to be announced.
Many had hoped for a pre-Super Bowl LVI launch of sports betting in New York. However with the game scheduled for Feb. 13 and the NYSGC’s less than urgent movement so far, meeting that deadline seems anything but certain.