NY Sports Betting Expected To Gain Approval In 2019

January 3rd, 2019 New York Sports Betting
NY Sports Betting Expected To Gain Approval In 2019

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

Pretlow, the chairman of the New York Assembly Racing & Wagering Committee, called NY sports betting an “800 pound gorilla” in the room and puts the odds at “90 percent” that the Empire State lowers the wall in front of NY sports betting some time next year.

Speaking at the ICE Sports Betting USA conference in Manhattan, Pretlow expressed confidence that 2019 will be the year lawmakers pass legislation to allow mobile betting in New York along with sportsbooks and casinos.  

NY Sports Betting Could Create Revenue Boost For Upstate Casinos

NY sports betting hopefuls all over the state re waiting for bureaucratic red tape to be cut so wagering on sports can finally (and inevitably) be legalized. However, it is casinos also waiting patiently for NY sports betting to commence in the Empire State.

Casinos like Resorts World Catskills could benefit from the boost NY sports betting is sure to provide. The massive, 18-story facility coast $1 billion to build and has been struggling in the revenue department.

"We think both on site as well as mobile sports betting will be profitable for Resorts World Catskills and will drive business to our casino," says Manny Pearlman who is the executive chairman of Empire Resorts.

The introduction of NY sports betting can only mean good things for casinos like Resorts World Catskills. The casino is already anticipating the seemingly inevitable development, striking a major deal with gaming giant Bet365.

Bet365 is acquiring $50 million in shares from Empire Reports in exchange for half of the NY sports betting profits throughout the 20-year contract.

Resorts World is falling short in key areas such as net win per machine - an industry standard which measures the amount of money left in the machine after winning players have received their payouts. Since April, Catskills averaged $110 while competitors are on another level.

Rivers Casino in Schenectady cost $300 million to build and delivers strong revenue, featuring a $254 net win per machine. Other upstate casinos such as Tioga Downs and del Lago Resort & Casino average $201 and $164 net win per machine, respectively. Pearlman notes that his casino needs to improve its win per day on slots.

Resorts World has attempted to close the gap by boasting a strong set of options at the tables. Catskills has 135 table games aimed at drawing in high-end players and those attracted to the Asian market. The goal is to get wealthy NYC locals traveling north to the Catskills in order to play.

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