Over the past few years, New York has been quietly expanding its gambling industry. There are now a large number of commercial casinos and land-based sportsbooks operating throughout the state. This week, NY’s online sports betting plans were finally revealed.
Residents here have been calling for regulated online sportsbooks to launch for years. It seems the state is now ready to embrace this quickly-growing industry. Today, we’ll talk about what New York has planned for the future.
Let’s get into it!
New Jersey’s Sports Betting Revenue Continues to Surge
New Jersey was one of the state’s credited with getting the Supreme Court to strike down PASPA back in 2018. This decision gave every state in the country the ability to legalize sports betting. New Jersey did so immediately after PASPA was removed.
Over the past three years, the state’s sports betting industry has grown to become one of the biggest in the world. Here, both land-based and online sports betting is state-regulated. It’s proven to be a hugely profitable industry for the state.
2020 ended up being the biggest year for New Jersey’s sports betting industry so far. Once sports began to resume in June, sports betting revenue began to skyrocket. The state continued to set new handle records throughout the year.
Casinos are profiting massively off this industry, too. All of the casinos in New Jersey have been struggling to bring in visitors over the past ten months. Sports betting has helped to make up for some of the revenue lost at these venues.
Not everyone is pleased to see New Jersey’s sports betting revenue surging. Many of the lawmakers over in New York are beginning to recognize that money from their state is flowing into New Jersey. As a result, these lawmakers are finally set to make some changes.
It’s an exciting time to be a sports fan in New York. Here’s what we know about the plans to expand the sports betting options here.
Gov. Cuomo Offers More Information on NY’s Online Sports Betting Plans
Historically speaking, New York has implemented some of the toughest gambling laws in the country. Only Native American casinos were able to legally operate here for many years. State leaders eventually approved a measure to allow commercial casinos.
The first legal sports wager was placed in New York on July 16, 2019. Under the current set of laws, however, only land-based sports betting is allowed here. Many analysts have been claiming that allowing online sportsbooks to operate here would significantly increase the amount of revenue the state brings in.
Finally, New York’s lawmakers seem to be listening. Governor Cuomo gave a State of the State address this week. In it, he offered more information on NY’s online sports betting plans. To the delight of sports fans here, Cuomo confirmed that the state will soon begin allowing regulated online sportsbooks to launch in the state.
It’s a huge move for New York. This will likely result in an incredible amount of money staying in New York, rather than nearby New Jersey. Daniel Wallach, a prominent sports betting analyst, spoke about this decision to the media this week.
“By most conservative projections, we’re talking about at least one billion dollars of wagers being made every month, maybe more,” Wallach said. “A competitive bidding situation would lead these companies to basically one up each other and provide the highest possible revenue share for the state. It does come at the expense of consumer choice, competition, fairness, and it raises the stakes considerably on a legal challenge to the entire system.”
New York joins many other states allowing its residents to make sports wagers online. Many predict that 2021 will be the year several more states decide to open their sports betting industries. We’ll continue offering updates on this situation over the next few weeks.
Major Casino Hubs Continue to See Revenue Declines
The US sports betting industry is stronger now than ever before. More than half the country has now passed laws to regulate this form of gambling. Most of these states have seen huge revenue increases over the past year.
The casino industry, however, is struggling immensely right now. Most of the country’s commercial casinos were closed for several months in 2020. Even after reopening, most have seen significantly lower revenue figures than what was seen in years prior.
Las Vegas saw huge revenue drops throughout 2020. Things got worse as the colder months approached and fewer tourists were visiting. Many of the most popular casino-resorts in the city have been forced to implement major changes in order to cut down on costs.
Atlantic City has been seeing revenue drops, too. Fortunately, this state benefits from having online casino operations up and running. The aforementioned online sports betting options have been helping, as well.
It’s hard to predict how 2021 will look for the casino industry. With effective vaccine distribution, things could improve rapidly. Anything is possible, yet there’s reason to be optimistic.
Are you excited to see NY’s online sports betting plans? Do you think New York will have a sports betting industry that rivals New Jersey’s? 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. …
