Here’s Another Update on New Mexico’s Sports Betting Bill

By in Sports on
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Sports

New Mexico’s lawmakers have been working hard to figure out the state’s sports betting regulations. Tribes here have been offering this form of gambling for months. Interestingly, New Mexico’s sports betting bill has not yet been formally approved.

That may soon change, though. Today, we’re going to talk about what lawmakers here are currently working on. We’ll also look at some of the difficulties involved with getting sports betting approved here.

Let’s get into it!

Sports Betting Revenue Continues to Surge in the US

This year continues to take over a serious toll on casinos. For months, all gambling venues were closed around the country. Most have since reopened, yet continue to see serious drops in revenue when compared to 2020.

The country’s sports betting industry is thriving right now, though. Since the removal of PASPA in May of 2018, every state around the country has been able to set its own laws on sports betting. 24 states have officially decided to legalize and regulate this form of gambling.

Several states are now seeing record-earnings from their sports betting platforms. This is helping to bring these states some much-needed revenue right now. It’s no surprise to see even more state leaders pushing to open their sports gambling industries this year.

New Jersey, for example, set a new all-time US record in sports betting revenue during the month of August. Colorado has been seeing revenue increases each month since sports betting was launched. Nevada is seeing an uptick in its sports gambling revenue, as well.

Many states are choosing to hold off on the regulation of this industry. That doesn’t mean it’s impossible to place sports wagers here, though. There are a huge number of fantastic online sportsbooks now operating throughout the entire country.

New Mexico is currently working hard to figure out its own regulations towards sports betting. Here’s how things are going.

New Mexico’s Sports Betting Bill Faces Another Hurdle

Each state is now able to set its own rules and regulations towards sports gambling. New Mexico has seen several sports betting bills presented over the past two years, yet none have been formally approved. That hasn’t stopped individuals here from jumping on the opportunities available, though.

Not long after PASPA was removed, one of the tribes in this state decided to launch a sportsbook inside a casino. It was an unprecedented move and led to a major legal debate over whether or not this is legal. The tribe won, and a second sportsbook opened here months later.

It’s been interesting to see how things are evolved since then. Many lawmakers believe it’s time for New Mexico to formally approve sports betting legislation. Doing so would help the state earn more revenue from this industry.

Casino stakeholders are now pushing to allow mobile sports gambling. If approved, “racinos” would be given permission to offer sports betting, as well. The bill would lower or even eliminate taxes by tribal casinos, yet increase taxes on racinos. New Mexico’s racinos are currently working hard to expand their available games and amenities.

Unfortunately, state supporters of this plan are finding it very difficult to negotiate with the tribal leaders here. The tribes believe that allowing racinos to offer sports betting would take away from their visitation rates and revenue.

We’ll continue offering updates on the state’s sports betting updates over the next few weeks. Now is the perfect time to look at some of the other states working hard to open their sports betting markets.

Several States May Legalize Sports Betting This November

The US is now one of the world’s biggest gambling destinations. The legalization of sports betting here has completely changed the game. A huge number of major European gambling companies are now moving into the US to break into this new market.

As we mentioned earlier, more states are interested in opening their sports betting industries, as well. That includes Maryland. There are a number of popular casinos in Maryland, and sports betting could help to make this state a major gaming destination.

Maryland has been pushing to regulate sports gambling for years. Fortunately, a bill to get this industry up and running will appear on November’s ballot. Most analysts predict it will be unanimously passed.

Nebraska is also gearing up to regulate this form of wagering. With approval from the House and State Senate, a sports betting bill will go to voters in November. Tribes here would benefit greatly with the ability to offer sports betting.

New Mexico’s sports betting bill is still being considered. It’s unclear if this will be approved before the end of the year. Hopefully, state leaders are able to come to an agreement with the tribes on this situation.

Do you think it’s time for New Mexico to legalize sports betting? Let us know in the comments section below!

Kevin Oldroyd

A longtime sports and gambling enthusiast, Kevin looks to present up-to-date and reliable information for readers. If he’s not writing, he’s probably watching MMA or playing blackjack. ...

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