We are one step closer to New York State finally being able to cash in like surrounding states New Jersey, and most recently Connecticut, in the world of legal mobile sports betting.

On Monday, the New York State Gaming Commission officially approved nine different betting operators to take mobile wagers within the state. The approval includes four big-hitter names in the mobile sports gambling world like FanDuel, DraftKings, BetMGM, and Caesars. Five others were also approved including Bally’s, Rush Street Interactive, Wynn, Empire Resorts, and PointsBet.

When Will New Yorkers be Able to Mobile Bet on Sports?

According to News 10, the state Gaming Commission says the approved operators can begin taking mobile bets "as soon as they locate and test servers." Meaning that each operator will need to select and build-out server rooms and they'll need to test equipment. According to the gaming commission, once that's done, the equipment then has to be tested and approved by an independent testing laboratory.

What Will the Tax Rate Be on Sports Betting

Once everything is tested and approved to launch, New York state will impose a 51% tax rate on all profits from sports betting. The tax dollars that sports betting could bring into New York should result in a much-needed influx of money into the state to help with many financial issues the state is currently facing.

One of the approved operators, BetMGM, told News 10 that, "New York has the potential to be one of the largest sports betting markets in the U.S. and BetMGM is particularly well-positioned to become a leader in the state."

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