New York Looks To Join Online Sports Betting Industry
Is New York finally ready to legalize online sports betting?
The sports betting industry has yet to ignite in New York. While neighboring states New Jersey and Pennsylvania, reported record August betting numbers, and all the added benefits that increased revenue brings, New York is still trying to work out how it can get started. There are currently eight New York brick-and-mortar sportsbooks located upstate. The closest one located to the thriving city of Manhattan is Resorts World Catskills in Monticello, but that is still 90 miles away. There is still no online betting of any kind on the state.
However, there are plans for that to change, and for New York to finally try and get in on the online sports betting action. According to recent reports, the speaker of the New York State Assembly, Carl Heastie, is going to offer online and mobile sports betting in a future revenue bill, but no firm timeline has been given.
New York State Sen. Joseph P. Addabbo, Jr. has revealed mobile sports betting in NY will be discussed when they return to session (via Zoom). He said the bill’s mobile sports betting section would be presented as “some kind of a revenue package,” but they will have to wait to discover if the federal government will assist.
A standalone mobile sports betting bill was approved by the New York Senate last year, but it also must pass the state assembly. Addabbo has stated he believes there is now enough support in the House to pass the bill.
New Jersey & Pennsylvania Have Amazing August
New Jersey and Pennsylvania both released their August sports wagering numbers for online and retail betting last week. The numbers for both states combined come to more than $1 billion in total. The numbers from the Garden State set a new US record with $668 million, and Pennsylvania broke its own state record with $365 million.
Addabbo described the current situation as “frustrating to us as a state” as he knows residents travel across state borders to place their wagers. He said approximately $137 million is lost to New Jersey from their residents.
The current bill will see New York be a single-skin state. This means that the four operators in the state can partner with only one mobile sports betting platform.
Four Operators Available for New York Residents
If mobile sports betting gets the green light in New York, there will be four sportsbooks that bettors can access. These are DraftKings, FanDuel, BetRivers, and bet365. Operators in New Jersey have up to three skins, which means they are allowed to have partnerships with up to three betting platforms.
With the impact Coronavirus has had on state economies across the country, a new revenue stream such as mobile sports betting would be most welcome in the Empire State. With New York residents traveling to neighboring states, it would make sense to keep their money at home.
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