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There are a number of ways in which to bet on MLB games, including the Yankees and Mets, via your mobile phone and laptop from New York.
Legal and Licensed Mobile Apps
There are nine operators licensed to offer sports betting apps from the state of New York. Bally's became the last to obtain its license on July 7, 2022.
When all is said and done, these NY-licensed sportsbooks could be paying taxes that approach 71% according to renowned industry attorney I. Nelson Rose.
He explained that he was seeing a 65% figure from newspaper reports and then explained there is a federal excise tax of 0.25%.
"This may not sound like a lot but it is when you consider each bet," Rose points out to Mr. Somach. "This is win or lose and not on gross gaming revenue. That amounts to another 6%. So a 65% rate becomes 71%."
And while it is true that the actual sports bettor will NOT be paying anything near these taxes, these numbers will ultimately be passed down in the form of reduced bonuses and unfavorable lines.
In July 2022, there were reports that BetMGM had, at least temporarily, suspended promos in New York State.
Sports bettors will still have to pay taxes using these companies as they collect and report your info to the U.S. Government.
All forms of gambling winnings are subject to a federal tax of 24% while an additional 8.82% of winnings will be withheld over $5,000.
Offshore Sportsbooks
These have been tried and true options in New York since pre-2000. Offshore sportsbooks are mostly reputable, though, like any business, please do your research.
More and more of these sites are moving towards anonymous betting where one only needs to provide a valid email. This is in conjunction with the growing popularity of cryptocurrencies such as Bitcoin. All offshore sportsbooks now offer deposit and withdrawals using Bitcoin. Payouts can sometimes take as little as a few hours.
One drawback of using an offshore sportsbook is the lack of apps. You'll need to access their browser-based website. There are still some limitations in the types of deposit and withdrawal options at some books.
Local Bookies
The world's second oldest profession isn't going away any time soon. In fact, it continues to evolve. Local bookies allow their customers to bet on credit and anonymously. Payments can sometimes take the form of cash, though more and more local bookmakers are utilizing cryptocurrencies as collection and payment methods.
Your Teams
*As of July 11, 2022
The Yankees were listed at 4-1 odds of winning the 2022 World Series.
The Mets were listed at 7-1 odds to win the World Series.
- Don Shapiro, Gambling911.com
