The New York budget bill introduced a license fee for legal sports betting on mobile phones worth $ 25 million, as well as the bidding process for interested companies.
As announced by Governor Cuomo’s office, the Gambling Commission will begin a bidding process to select at least two platform providers to operate sports betting. Platform providers will obtain licenses and must offer at least four betting packages together.
The Commission’s tendering process will start on 1 July, and the winning bids will be selected no later than 150 days after that.
The commission has not yet developed a bid scoring system but will award additional points to operators who have a revenue-sharing agreement with one of the Native American tribes in New York.
Tax rates will be set during the bidding process, but will not be less than 12% and may be progressive.
Operating licenses will be issued for the first two bids, provided they both pay the same tax rate. The Commission may also supplement the licenses if they receive several satisfactory offers.
Licensees are required to host their servers in a New York casino and pay him $ 5 million a year.
The license fee is $25 million, and the license is issued for a period of 10 years.
Licensed platform providers will be able to host multiple brands, but must limit players’ access to a single account. This means that a player cannot have accounts with different brands under the license of the same provider.
Providers must send players messages about responsible gaming, gambling limits, and offer them the option to close their account if their lifetime deposits total more than $ 2,500.
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