New York loses its appeal as mobile sports betting comes with high tax rate

New York was long regarded as one of the potential crown jewels of the US's rapidly expanding sports betting market but it appears to have become a much less attractive proposition after details of the state's budget were released last week.

The budget authorises mobile sports betting, but under the plan set out by state governor Andrew Cuomo it will be tightly controlled along the lines of a state lottery, rather than opening up the market to competition among operators including many of the major European players.

Under the plans set out last week, at least two platform providers will be selected who must then work with a total of at least four operators or 'skins', although details of how that would work have yet to emerge.