New York Sports Betting

NY Betting Sites Are Coming Soon!

Assemblyman Gary Pretlow feels the chances are overwhelming that NY sports betting is approved in 2019.

Speaking at the ICE Sports Betting USA conference in Manhattan, the chairman of the New York Assembly Racing & Wagering Committee, Gary Pretlow, expressed confidence that 2019 will be the year lawmakers pass legislation to allow NY mobile sports betting, along with sportsbooks and casinos. Pretlow called NY sports betting puts the odds at “90 percent” that NY sports betting some time this year.

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.

NY Sports Betting Online 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.

New York Casinos and Racetracks Could Be The Only License Holders

Another interesting and insightful requirement made by Pretlow’s proposed bill is that all governing sports bodies making an application for such fees need to have their headquarters on US soil, canceling out the potential loss of funds to foreign business and sports entities.

Let’s see whether they make their mark in time to be second on the sports betting slate!