New York State Seeks Public Opinion on Sports Wagering that Could Amass $500M Gaming Revenue

This week is a special one for New York’s gambling field as a pivotal point for legal sports wagering was set to take place. With the help of a vote, the New York Gaming Commission gave its nod to a set of rules overseeing the future field of betting on sports events and now that this is done, the community will have the chance to have its say. Over the span of 60 days, everyone interested in shaping the activity on a state level will have the chance to share an opinion and potentially improve it. Legal sports betting could commence mid-April.

The long-anticipated day finally arrived and sports betting in New York is one step closer to becoming a reality enjoyed by thousands of players. Projections for the field issued in the past claim that over the span of the following few years the state of New York could surpass Nevada when it comes to sports wagering performance. August 2018 saw estimations of gaming revenue reaching $500 million. From this overall amount, the state coffers are expected to bag about $41 million, a boost that would be later utilized for various community projects.

Sports Wagering Could Commence Mid-April

Now that the voting has come to an end and state lawmakers have expressed their predominant support of the gambling activity, it is time for members of the community to chime in and express their stance on the subject. Public input is crucial for every new project, especially when it comes to the gaming field and any new entertainment possibilities it might bring their way. People will have two months to offer their point of view.

Wagering on sports events will be legalized at the four casino venues to the likes of Del Lago Resort, Tioga Downs, Rivers (Schenectady), and Resorts World Catskills. In addition to those venues, there are also seven Native American gambling facilities sprinkled across western and central New York that are also willing to accept sports wagers. Their managements are eager to introduce the new gaming offering as this is projected to draw an even larger crowd to the venues.

Each gaming venue has to devise its own plan for action when it comes to sports gambling, clearly stating the type of bets acceptable in addition to the sports range they will cover. The Gaming Commission will then proceed to greenlight the plans. It should be pointed out that in addition to professional sports leagues, players will also be able to enjoy wagering on some collegiate sports. As previously negotiated, the tax will reach 10 percent of the gross gambling revenue, ranking New York among the states with lower revenue tax.

Only Land-Based Betting Will be Legalized for Now

More details about the future sports betting activities were also revealed, shedding more light on the upcoming booming field. Players will have the chance to wager in brick-and-mortar facilities only, as this is mandated by the law. It was greenlighted back in 2013, stating that mobile and online sports wagering is considered illegal within the borders of New York State. The four commercial casino venues have already prepared ahead of time.

Each of them has partnered with a betting company that will make sure their sports wagering offerings maintain their premium level over time. In the months ahead of this January del Lago inked a collaboration deal with DraftKings, Tioga Downs teamed up with Betfair US, whereas only a couple of months ago the newest location Resorts World Catskills announced its partnership with bet365. As for the tribal casino venues, Oneida Indian Nation recently announced it will collaborate with Caesars Entertainment in order to introduce sports betting to its casino patrons.

In the meantime, DraftKings and Fanduel, the leading companies in the daily fantasy sports sector want to see online and mobile betting among the legal offerings of New York. FanDuel even went so far as to prompt its users to address the issue and notify state lawmakers they would like easier access to betting. Such a change could be made possible only after a constitutional amendment and a public referendum, a process which could extend the process all the way to the end of 2021.

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