NY sports betting reached $19.2 billion in total handle during 2023, leading all US states in betting volume. The market launch of online betting in January 2022 established New York as a major player, with state revenue approaching $1.7 billion.
Sports betting operates through retail locations and online platforms in New York. The state’s betting framework includes nine licensed sportsbooks offering various wagering options. Notable restrictions exist, such as no betting on in-state college teams or events. This guide covers the essentials of legal sports betting in New York. From selecting a sportsbook to placing your first wager, you’ll find step-by-step guidance for getting started in America’s largest betting market.
21+ and present in NY. Gambling Problem? Call 1-800-GAMBLER.
NY Sports Betting Laws
Sports betting laws in New York trace back to 2013 with initial authorization for retail betting at commercial and tribal casinos. Retail sportsbooks started operations in July 2019, while mobile betting launched in January 2022.
Legal Timeline
The 2018 Supreme Court ruling opened the door for state-regulated sports betting. Mobile betting approval came through the state budget in April 2021. The NY Gaming Commission established final regulations that year, creating the current market structure.
Operating Requirements
NY sports betting follows strict guidelines:
- Age requirement: 21 years or older
- Location: Must be physically within state borders
- Revenue tax: 51% rate on operator earnings – highest nationwide
- Education funding: Over $1.55 billion generated for schools
Current Restrictions
The Gaming Commission enforces several betting limits:
- No bets on NY college teams or events
- No wagering on in-state college games
- High school sports betting prohibited
- No prop bets requiring votes (MVP, awards)
Nine licensed sportsbooks offer professional sports betting options under these regulations. Each operator must follow the Gaming Commission’s approved wagering menu.
21+ and present in NY. Gambling Problem? Call 1-800-GAMBLER.
Opening a NY Sportsbook Account
NY bettors choose from nine licensed sportsbook operators. Each platform features distinct odds, markets, and promotional offerings.
Licensed NY Sportsbooks
Current legal sportsbooks in NY:
- BetMGM
- Caesars Sportsbook
- DraftKings
- ESPN Bet
- Fanatics Sportsbook
- FanDuel
- Resorts World Bet
- Rush Street Interactive
- Bally Bet
Compare welcome bonuses, ongoing promos, and banking options before selecting your sportsbook.
Account Verification Requirements
Standard account setup takes under 10 minutes. Required information:
- Legal name and birthdate
- NY residential address
- Email and phone contacts
- SSN last four digits
- Valid photo ID
NY Gaming Commission rules mandate identity checks through e-verification systems matching public records. Some books request recent utility bills or bank statements for added verification.
Deposit options include credit cards, e-wallets, and prepaid cards. Geolocation software verifies NY state presence before allowing wagers.
21+ and present in NY. Gambling Problem? Call 1-800-GAMBLER.
Basic Betting Types
NY sportsbooks offer several standard wagering options. Each bet type carries unique odds and payout structures.
Moneyline Wagers
Pick the outright winner of a game or match. Odds show as:
- Plus odds (+300) for underdogs: $100 bet wins $300
- Minus odds (-400) for favorites: Bet $400 to win $100
Point Spread Betting
Favorites give points (-5.5) while underdogs get points (+5.5). Winning spread bets require:
- Favorites to win by more than spread amount
- Underdogs to stay within spread margin
Totals (Over/Under)
Bet on combined score from both teams. Sportsbooks set a number – pick over or under. Standard -110 odds mean $110 bet wins $100.
Parlay Options
Link multiple bets for bigger payouts. All picks must win. Example:
- Combine -150 and +200 odds
- Creates +400 parlay odds
- $100 bet pays $400
21+ and present in NY. Gambling Problem? Call 1-800-GAMBLER.
Placing Your First NY Bet
NY sportsbooks provide multiple secure deposit methods. Account funding options match user preferences for speed and convenience.
Deposit Options
Quick funding through cards and digital wallets. PayPal offers secure transactions with added protection. Some bank card deposits may incur fees.
Available methods:
- Trustly bank transfers
- PayPal and Play+ e-wallets
- Retail prepaid cards
- Wire transfers ($2,000+ deposits)
Minimum deposits start at $10. Processing times:
- Electronic payments: Instant
- Bank transfers: 3-5 business days
Making a Wager
Follow these steps after funding:
- Pick your sport/event
- Select betting line
- Enter bet amount
- Check payout odds
- Confirm wager
Betting slips show potential returns before confirmation. Sportsbook rewards programs add value through promos and odds boosts.
Withdrawal times range 24 hours to several days. Most platforms require matching deposit/withdrawal methods, with e-wallets processing fastest.
21+ and present in NY. Gambling Problem? Call 1-800-GAMBLER.
NY Sports Betting Overview
NY sports betting delivers a regulated, secure wagering environment through nine licensed operators. State oversight protects bettors while funding education through tax revenue.
Smart betting starts with market basics:
- Understanding bet types and odds
- Meeting account requirements
- Knowing state restrictions
- Managing bankroll responsibly
NY sportsbooks combine strict regulation with user-friendly platforms. The market serves bettors through clear rules, secure payment options, and responsible gaming tools. Success comes from learning fundamentals and following state guidelines.
Whether you’re new to wagering or looking to refine your strategy, our guides explore everything from understanding odds to managing your bankroll.
21+ and present in NY. Gambling Problem? Call 1-800-GAMBLER.
FAQs
Q1. When did sports betting become legal in New York?
Sports betting became legal in New York with retail locations opening in 2019, followed by the launch of online betting in January 2022. The state now has nine licensed sportsbooks operating within its borders.
Q2. What are the age and location requirements for sports betting in NY?
To participate in sports betting in New York, you must be at least 21 years old and physically present within state boundaries. Geolocation software is used to verify your location before allowing you to place bets.
Q3. What types of bets are available for beginners in New York?
Beginners in New York can start with basic bet types such as moneyline bets (picking the winner), point spreads (betting on the margin of victory), over/under bets (wagering on the total score), and parlay bets (combining multiple selections into one wager).
Q4. How do I set up a sports betting account in New York?
To set up a sports betting account in New York, choose one of the nine licensed sportsbooks, provide personal information including your full name, address, and last four digits of your Social Security number, and complete the identity verification process. The registration typically takes less than 10 minutes.
Q5. What are the deposit and withdrawal options for NY sports betting?
New York sportsbooks offer various deposit methods including credit/debit cards, e-wallets like PayPal, online banking transfers, prepaid cards, and wire transfers for larger amounts. Withdrawal options may vary, but often include the same method used for deposits, with e-wallets typically offering the fastest processing times.
