New York selects nine online sports betting operators

Sports Betting

Online sports-betting company DraftKings and casino operators MGM Resorts saw share prices rise Tuesday after the New York State Gaming Commission approved nine companies to offer mobile sports betting in the state. 

The nine companies were divided into two groups. DraftKings, MGM Resorts, Bally’s and FanDuel, which is owned by Flutter Entertainment , submitted one of the approved bids for a 10-year license, while the other bid was won by Caesars,Wynn Resorts, PointsBet, Rush Street Interactive and Resorts World. 

New Yorkers will now be permitted to make bets on their mobile phones, while previously they were only allowed to place bets in person at casinos.

The approved companies will pay New York a 51% tax rate for 10 years, the highest of any state in the U.S. where sports betting is legal.