New York currently only allows land-based sportsbooks based inside the state’s casinos.
Lawmakers approved a measure to allow online sports betting earlier this year.
State regulators continue to review the licenses for NY online sports betting operators.
New York launched its first regulated sportsbooks back in 2019. To the disappointment of many residents, however, only land-based sports betting options are available here. Lawmakers have since been working on a way to launch internet betting platforms in the state. New reports claim that state regulators are now busy reviewing different licenses for NY online sports betting operators.
Many are excited to see New York’s online sports betting industry go live. It seems likely that this state will earn a huge amount of revenue from these online platforms.
Here’s what you need to know about this situation!
Officials Continue to Review Licenses for NY Online Sports Betting Operators
New York is well-known for having one of the largest sporting fan bases in the United States. It’s here that many professional teams including the New York Yankees, Buffalo Bills, and Brooklyn Nets are based. Analysts have long felt that New York has the potential to be the country’s largest sports betting hub.
For reasons not entirely known, lawmakers have only allowed sports wagers to be placed at retail sportsbooks inside casinos. This makes it extremely difficult for casual fans looking to make bets on their favorite teams. It’s led to sub-par revenue earnings for many of the sports betting companies and low tax money for the state.
The state wants to ensure that the sports betting companies have a clear plan in sight. These companies must also agree to the state’s high online sports betting tax rate. Officials expect to see $500 million going to the state via taxes. These funds will help to fund educational and youth sports programs.
It may not be long before New York’s first online sportsbooks finally go live. Stay tuned for updates on this launch over the next few months!
Sports Betting Revenue is Still Surging Around the Country
2021 has been the biggest year in history for the US sports betting industry. Several major states formally launched their first regulated sportsbooks this year. Just about every state with a regulated sports betting industry has seen impressive revenue figures flowing in.
Things slowed down this past August. This month, most states reported large drops in their overall sports gambling handle and revenue. This is not a surprise, as August tends to be one of the worst months of the year for this industry.
The American Gaming Association expects 2021’s sports betting revenue figures to greatly surpass what was seen in 2020. These impressive revenue figures have led many other state leaders to look more into the legalization of sports betting. Several states are now expected to pass sports betting bills in 2022, including California.
Things also seem to be faring extremely well for the entire US casino industry. Here’s a quick look at some of the latest developments with casino hubs around the country.
US Casino Companies Report Solid Revenue Earnings
The past nine months have been mostly successful for the entire US gambling industry. Casino companies experienced a massive turnaround from the events that unfolded in 2020. As many are aware, casinos were shut down for months last year and casino revenue hit all-time lows over the course of the year.
Most major US casino companies have experienced huge revenue increases over the course of 2021. In fact, the AGA claims 2021 has been the best year in history for US casino companies. Many of these companies have reported record-breaking revenue figures throughout the year.
Cities like Las Vegas have welcomed this surge of revenue and tourism. Nevada’s casino revenue has been increasing throughout 2021. Several new casinos have also opened their doors here in 2021, including the $4.3 billion Resorts World, which opened in the northern part of the Las Vegas Strip.
Atlantic City has also seen major increases in its casino revenue. As a result, several major casinos here have announced major renovation projects scheduled to take place over the next few years. These casinos also benefit from their regulated online gambling platforms allowed statewide.
Regulators continue to review the licenses for NY online sports betting operators. When do you expect New York’s first online sportsbooks to launch? Let us know in the comments section below.
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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