New York mobile sports betting license hopefuls now know what financial and other personal information they must submit to be considered for licensure later this year.
A checklist for prospective platform providers and their operators posted yesterday on the New York State Gaming Commission website lists the required documentation, which can be sent to the state before an application for licensure is filed. Company officials and certain investors are required to submit documentation under the rules, as well as the company itself.
“Such background investigations will be similar in scope to those conducted for casinos and will include criminal history fingerprint identification,” states the RFA. “The Commission may reject an Application or revoke a License based upon the results of these investigations.”
The data filing rules fall under the RFA, which governs the application process for platform providers who want to be among the state’s two or more mobile sports betting services. Formal regulations are expected to be adopted later this fall.
So, What Do Companies And Their Investors Need To File?
Companies and individuals must file tax and financial information, applicable licenses, certificates, forms, and other documentation per the instructions posted by the commission on Wednesday.
All entities that would directly provide mobile wagering services as well as their holding companies, parent companies, and “any investors owning 5% or more of the operating entity” will have to send the commission the following:
- Completed multi-jurisdictional business form
- Completed and notarized mobile sports wagering supplemental form
- All applicable attachments, e.g., taxes, financials, certificate of incorporation/formation documentation, organizational chart, contacts, licenses, etc.
Company officers, directors, and those individuals who own 5% of the entity must also submit information prior to application approval. Each individual is required to send the following to the commission for review:
- Completed multi-jurisdictional personal history disclosure form
- Completed vendor key employee supplement form
- Five years of taxes/financials
- A copy of photo ID
- Completed fingerprint card and pre-enrollment form
The commission is accepting the above forms, fingerprints, and other documentation in advance of application filing to speed up the licensure process. The applications themselves are found in “Appendix E” of the RFA.
One Platform Provider, Multiple Bids
Platform providers will have to pay a $25 million mobile sports betting license fee to operate in New York. But that doesn’t mean that the provider can’t be part of multiple bids.
The commission’s July 22 response to questions about the RFA says “if the Platform Provider is included in multiple Selected Applications, the (provider) will be required to pay the $25 million licensing fee for each (application selected).”
Operators will be assigned to the “highest scoring” application that contains that operator, per the RFA, leaving all other applications naming that operator to be rescored and eliminating that operator from further selection.
“An operator will be licensed in connection with only one Platform Provider,” says the commission.
Timeline For Selection Of Mobile Sports Betting Platform Providers (Tentative)
Here’s the tentative timeline for selection of winning platform providers by the New York State Gaming Commission. For now, no launch appears likely this year.
- July 9 – RFA issued by New York State Gaming Commission
- July 16 – Applicants’ First Questions Due by 3 p.m. EDT
- July 22 – Commission Response to First Questions
- July 27 — Applicants’ Second Questions Due by 3 p.m. EDT
- Aug. 2 – Commission Response to Second Questions
- Aug. 9 – Applications Due by 4 p.m. EDT
- Sept. 1 – Oral Presentations of Applicants May Begin
- Dec. 6 – Tentative Deadline For Selection of Applicants Considered for Licensure