Ny Legal Sports Betting

 

Although sports betting in New York is technically legal as law passed in 2013 decreed, federal law has prevented it from being properly realized. However, as of May 2019, lawmakers have taken big strides in moving forward with legislation to allow for a wider regulated sports betting industry, including the allowance of mobile sports betting. The opening of a legal sportsbook came six years after New York passed a law to allow sports betting at four on-site locations, all in upstate New York. After lying dormant for years, the law was.

  • Bills have been filed in the New York State Legislature to make mobile sportsbooks legal.
  • Governor Andrew Cuomo would like to see a legal mobile sports betting market in New York run similar to the New York Lottery.
  • The bills waiting to be heard would have mobile and internet sports wagering platforms run by casinos instead of the lottery format that the Governor is aiming for.

NEW YORK – New mobile sports betting legislation has been filed in New York for the 2021 session but the proposal differs greatly from how Governor Andrew Cuomo would like to see the industry run. Senator Joseph Addabbo Jr. has been trying to get legal mobile sportsbooks in New York for quite some time.

He, along with Assemblyman Gary Pretlow, have come together to file Senate Bill 1183 and Assembly Bill 1257, almost mirror images of the duo’s previous bills on the topic.

There is one glaring difference within this year’s draft, as it allows for two skins per retail location rather than one. That could give New York fourteen different internet and mobile sportsbook operators doing business in the state.

The Bill Breakdown

Since making the announcement that he is behind a legal mobile sports betting market, Governor Cuomo has taken it a step further. Instead of having an industry tethered to the casino and gambling facilities within the state of which there are seven, Cuomo would like to have an industry run through one operator similar to the New York Lottery.

NY SB 1183 and NY A 1257 tie the market to casinos instead. The bills would ask venues to pay a $12 million application fee for an online license. The GGR would come with a 12% tax where 5% of that would be earmarked for problem gambling programs. A royalty fee of 0.2% would go toward the leagues in profits which means a 5% hold by operators could result in leagues receiving a 4% cut of that revenue.

The proposal also requires that official league data be used for live in-game wagers offered by sportsbooks. Along with the seven locations that could open two mobile sports wagering platforms a piece, professional sports facilities could partner with casinos to have sportsbook kiosks placed at their venues.

Legal

An estimated $79 million of revenue could be made yearly through the legalization of mobile sportsbooks with this measure.

Cuomo’s Vision

Cuomo has a different, more lucrative vision for mobile and internet sports betting applications in New York. If the lottery were to run the market, the state could stand to gain much more revenue. If casinos run sportsbooks, New York would only get a piece of the action, with the bulk of profits going to the operators.

New york mobile sports betting

Cuomo believes that the Empire State could see as much as $500 million annually through mobile wagers and kiosks at lottery retail locations.

But this large number would mean that New Yorkers would have to bet about $20 billion a year on sporting events using these outlets to reach that revenue estimate which would be difficult but not unreasonable considering anything is possible in New York.

The sports fans they have there as well as being home to some of the top professional sports teams in the country could make that revenue figure a reality in the future.

“We want to do sports betting the way the state runs the lottery where the state gets the revenues. Many states have done sports betting, but they basically allow casinos to run their own gambling operations. That makes a lot of money for casinos, but it makes minimal money for the state and I’m not here to give the casinos a lot of money,” said Cuomo in a press conference held Wednesday, solidifying his views on the subject of legal mobile sportsbooks for public knowledge.

The New York State Legislature convened on January 6 and will adjourn for the year on June 18.

News tags: A 1257 Andrew Cuomo Assembly Bill 1257 Gary Pretlow Joseph Addabbo Jr. New York New York Lottery New York State Legislature NY SB 1183 Senate Bill 1183

Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.

  • New York Governor Andrew Cuomo wants mobile sports betting to be run through the state, just like the lottery system.
  • Cuomo believes that mobile sports betting could bring New York $500 million in tax revenue.
  • The New York Senate Committee on Racing, Gaming, and Wagering passed bill S1183 on Tuesday.

NEW YORK – New York Governor Andrew Cuomo has doubled down on his assertion that the mobile sports betting market when legalized should be run by the state. This comes on the heels of a budget shortfall in New York due to the COVID-19 pandemic.

Cuomo presented the Fiscal Year 2022 budget for New York and began talking about the potential of sports betting in New York at the 22-minute mark in his address.

Presenting my Fiscal Year 2022 Executive Budget. Watch live: https://t.co/ohJa3H2tdO

— Andrew Cuomo (@NYGovCuomo) January 19, 2021

Ny Sports Betting News

Cuomo wants New York to get most, if not all of the revenue generated from legalizing mobile sports betting and stated he prefers the market be run similar to the lottery system.

“The second alternative is to have the people of the state of New York get the profits from mobile sports betting and run it the way we run the state lottery, which is its state-run and the state gets all the revenue. I’m with the people. And I believe the people of the state should get the revenues. This is not a moneymaker for private interests to collect just more tax revenue. We want the actual revenue from the sports betting.”

Cuomo’s proposal could cause a political stalemate between him and state legislatures down the road, which could hold up the process of bringing mobile sports betting to New York.

Before Cuomo made his address, the Senate Committee on Racing, Gaming, and Wagering passed Senate Bill S1183.

The bill proposed by (D)Sen. Joseph Addabbo of the 15th State District would legalize mobile sport betting in New York by having online sportsbook operators tether to a retail casino. This format is used throughout the country and is used in New Jersey.

This bill will now go to the desk of New York’s Senate finance committee headed by (D)Sen. Liz Krueger, who has opposed sports betting before.

New York is missing out on millions in revenue simply by not legalizing mobile sports betting. According to a press release by Governor Cuomo, nearly 20% of New Jersey’s sports betting revenue comes from New York residents.

Nonetheless, with one of the largest populations in the US, New York could be a behemoth in the burgeoning US sports betting market, and lawmakers in the state know this.

“New York has the potential to be the largest sports wagering market in the United States, and by legalizing online sports betting we aim to keep millions of dollars in revenue here at home, which will only strengthen our ability to rebuild from the COVID-19 crisis,” saidCuomo in a release just two weeks ago.

Although it seems like New York legalizing mobile sports betting is inevitable, the process is still far from over until the lawmakers in the Empire State can agree on who gets the revenue and how many operators will be in the market.

Cuomo doubling down on his stance sets the stage for what could be a lengthy political battle.

News tags: Andrew Cuomo mobile sports betting New York Online Sports Betting Sen. Joseph P. Addabbo Sen. Liz Krueger

Coming from a strong background of writing, Robert writes stories that not only inform the reader but introduce them to new perspectives about topics they may already know. When not pumping out content Robert enjoys playing NBA 2k, and watching any sports that are on TV.