Legal Online Sports Betting Ny

In the wake of the scrapping of the PASPA in 2018, New York was finally free to establish its own regulations to that legalize sports betting and even online casino gaming. This was a great relief to the Yankees especially since New York City itself is home to 2. Cuomo, who in the past has pushed back on proposals to legalize online sports betting, noted that the state has been losing betting revenue to neighboring New Jersey, which has become a leader in. In the wake of the scrapping of the PASPA in 2018, New York was finally free to establish its own regulations to that legalize sports betting and even online casino gaming. This was a great relief to the Yankees especially since New York City itself is home to 2 MLB teams, 2 NFL teams, 2 NHL teams, and 2 NBA teams. New York Sports Betting Update – Governor Cuomo Suggests Mobile Sports Betting. Mobile sports betting in New York is not legal statewide yet. If you are on the premises of an upstate NY casino, you can use your mobile device to place a sports bet. There are currently seven physical sportsbooks that are legal and live in upstate New York. Feb 03, 2020 As New York has not authorized legal online sports betting yet, those residents looking to capitalize on mobile wagering must travel outside state lines. For most in New York, nearby New Jersey stands as the best option. With over a dozen online sports betting apps, the Garden State certainly has plenty of options.

  • 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.

Legal Online Sports Betting Ny

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

Legal sports betting in ny

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.

Legal Online Sports Betting Ny

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.

Sports

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.

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.

Bovada Sports

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

Legal Online Sports Betting Ny

Ny Online Sports Betting

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.