New York Sports Betting

NY sports betting is almost here.

On June 10, the New York Gaming Commission approved a set of regulations that will allow these four New York casinos to offer NY sports betting:

New York Gov. Andrew Cuomo wants 2019 to be the year NY sports betting becomes legal. “Let’s authorize sports betting in the upstate casinos,” Cuomo said in his State of the State address. “It’s here. It’s a reality, and it will generate activity in those casinos.”

And now that looks like it will be a reality.

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NY Sports Betting Should Launch Before The NFL Season Kicks Off

Before licenses are approved for each casino mentioned above, the New York regulations still need to be publidhed in the state register. And although it looks like land-based New York sports betting may happen before the end of the summer in time for football, NY online sports betting has a few more hurdles to  hop over. New York Governor, Andrew Cuomo has states that online sports betting in NY would be illegal without amending the state constitution. However, some NY lawmakers disagree and believe passing a simple bill could quicken the process, allowing mobile sports betting in the state. If an amendment is needed for the state constitution, it could take up to two years before NY online sports betting is in action.

A Bill Could Allow NYC Arenas To Offer Mobile Sports Betting

Based on an amendment filed by State Sen. Joseph Addabbo to the current NY online sports betting bill (Senate Bill 17), in-person sports betting could occur at professional arenas and stadiums that are featured in counties that don't have a casino. There are three potential venues in New York City that could become NY sportsbooks:

In this bill, it appears these three locations would allow for NY mobile sports betting, as well as in-person kiosks.

NY Sports Betting Deal Struck Between Caesars Entertainment And Oneida

The Oneida Indian Nation announced its partnership with gaming giant Caesars Entertainment, which will operate NY sportsbooks in three area casinos. The plan is that NY sports betting players will be able to visit “The Lounge with Caesars Sports” at upstate New York locations Turning Stone Casino, Yellow Brick Road Casino and Point Place Casino at some point in 2019.

The deal will commence pending approval from the National Indian Gaming Commission and New York state finally issues regulations for legalized NY sports betting.

NY Sports Betting Revenue Could Be Huge

Research firm Eilers and Krejick Gaming projected that land-based NY sports betting could reach $532 million in annual gross gaming revenue once made legal.

Will There Be NY Sports Betting Integrity Fees?

On the emotive topic of the “integrity” fee matter, Pretlow has maintained the same 0.25% fee on all handled wagers for the sports leagues; which he refers to as a “royalty” fee rather than the integrity fee terminology used by the NBA and MLB in their adamant lobbying on this matter.  And rather than being automatically entitled to the funds, his proposal is for the sports leagues to submit a claim by no later than 13 April each year for the previous year’s earnings. Former draft proposals had no such requirement, effectively making it a hand-out to the leagues. This certainly makes the leagues work a little harder for the money they pull in the betting sites in NY.

This bill further proposes the establishment of a state commission which will then be required to meet with the sports leagues making royalty claims within no less than 30 days of such an application, to discuss the measures being taken by the leagues themselves to protect the integrity of its sports events – be these policies, procedures or on-going programs, as might be the case. This bill proposal also includes the suggestion that an annual report be required, stipulating how these fees are used – and that these should be subject to auditing.

It is widely felt that these terms should be agreeable to the sports leagues; it may require a little more work on their part, but is certainly not a disincentive.

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