It looks like Anthony Cuomo is getting his wish. On Monday, the state’s Gaming Commission approved a New York sports betting proposal to allow sports wagering inside casinos. It’s a preliminary approval that could take effect as soon as mid-April.
The hope is that sports betting can generate additional revenue that New York casinos are struggling to acquire. With a number of nearby states already allowing sports betting, it will at least allow the New York market to become more competitive.
For a long time, it looked like New York would never be open to sports gambling legislation. Lawmakers here were notoriously strict on all forms of sports wagering activities, including daily fantasy sports. In May of 2018, that all changed.
That month the US Supreme Court famously ruled in favor of New Jersey by declaring the Professional and Amateur Sports Protection Act (PASPA) unconstitutional, opening the possibility for states to set their own laws regarding sports betting. Within weeks, the discussion changed from “if” sports betting would become regulated in New York, to “when.”
With Vegas-style casinos already allowed in the state, Governor Anthony Cuomo quickly stated his intention to legalize sports betting. Due to heavy competition within the state, the private casinos in New York were failing to hit revenue projections. Sports betting, Cuomo argued, would help to change that.
In January, Cuomo doubled down on his desire to get sports gambling legalized in New York’s casinos. “It’s here. It’s a reality, and it will generate activity in those casinos,” he mentioned in his State of the State address. On Monday, Cuomo’s wish was granted, as the NY Gaming Commission approved a set of rules allowing sports betting to take place inside four casinos located in upstate New York.
These rules are now subject to a 60-day public comment period. If all goes according to plan, casinos will be eligible to begin taking sports bets in mid-April. The rules prohibit gambling on any sports in New York colleges, and college sporting events involving college teams.
For now, it looks like the New York sports betting proposal does not include online gambling legislature. Anthony Cuomo has stated that allowing online sports betting would require a constitutional amendment. The earliest this could even be possible would be in 2021. Only people physically present inside casinos will be able to make their sports bets.
Fortunately, there are a number of fantastic online sportsbooks in the US that New Yorkers can still access. Many of these sites offer a huge list of different betting options on just about every major sporting event taking place around the world.
As we mentioned earlier, the rules approved this week will now be set in a 60-day waiting period. Once that’s complete in April, casinos will be eligible to take sports bets. The revenue tax for sports betting will be set at 10% under the legislature set in 2013.
Casinos will now have to apply for a “sports pool license.” Sports bets will only be able to be made inside a designated area.
Major DFS sites like DraftKings and FanDuel are already pushing for a new law that will allow New York bettors to wager from their phones. For now, it seems unlikely this will become a reality.
If sports betting helps New York casinos generate the revenue they desperately need, the state may begin discussing legislature in the online sector. Only time will tell just how effective this move will be.
It’s an exciting moment for sports fans here. Let us know what you think of the New York sports betting proposal getting approved in the comment section below!
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