Sports betting has been up and running in New York since July of 2019. Interestingly, only land-based sports gambling is currently available here. Calls to allow online sports betting in NY have been intensifying in recent months.
It now seems that the state may be close to launching its online sports gambling industry. Today, we’re going to talk about what will lead to internet sportsbooks finally launching here. We’ll also discuss how this will impact the state moving forward.
Let’s get into it!
US Sports Betting Revenue Took a Dive in February
The US sports betting industry has grown exponentially in just a few years. Back in mid-2018, the US Supreme Court struck down PASPA. This decision immediately allowed every state around the country to legalize and regulate sports betting.
Revenue from this industry has been growing exponentially since that time. The states with online sports betting industries, in particular, are seeing massive revenue gains. These revenue gains are leading more states to look more into the regulation of this industry.
Throughout most of 2020, states were seeing almost monthly increases in their sports betting revenue figures. New Jersey set several new handle records throughout the year. Revenue jumped again in January.
This past February, however, most states reported significant revenue declines. Places like New Jersey, Tennessee, and Rhode Island saw massive drops in their earnings from the industry. Many analysts expect this trend to change in March.
New York currently only allows land-based sports betting. As a result, the state has been seeing significantly lower tax revenue figures than neighboring states like New Jersey and Pennsylvania. Many have been pushing hard for the state to finally regulate the internet sports gambling industry.
There’s been serious pressure on Governor Cuomo to get this done. It now seems that progress is being made on this front.
Expect to See Online Sports Betting in NY Become Available Soon
New York’s gambling industry has evolved in a big way over the years. There was a time when New York had some of the strictest gambling laws in the country. Today, most traditional forms of wagering are legal here.
For several reasons, lawmakers in the state pushed against the legalization of online sports betting back in 2018. This decision proved to be a bad one. Not many are willing to make the trip to a land-based casino and are instead crossing into the New Jersey border to place their bets online.
State leaders here are now tired of seeing New York money flowing into different states. The push for New York to legalize online sports betting in NY has been intensifying and most believed a new measure allowing this form of gambling would be approved soon. We’re now hearing more about when this could take place.
Back in January, Governor Cuomo once again hinted that internet sportsbooks will be approved in the state in the near future. The primary issue now seems to be about how the licensing process for this industry should take place. Tax details and licensing fees are another talking point among lawmakers.
Hope is now that online sports betting makes its way to the 2022 executive budget. The details on how to regulate this industry are coming together. Even the Governor seems to be getting on board with the idea.
If all goes according to plan, internet sportsbooks will finally launch in New York next year. Stay tuned for updates over the next few months!
Will New York City Get a Casino Soon?
There is a lot happening with New York’s gambling industry right now. The push to allow online sports betting continues here. Based on what is being said, online sports betting in NY will finally become available next year.
There are also many individuals pushing to get a real, Class III casino in New York City. At the moment, all of the real casinos in the state are located in the upstate area. No traditional casinos are located in NYC.
That may soon change. Several prominent individuals now support the idea of a legitimate gambling establishment in the Big Apple. That includes Andrew Yang, a former presidential candidate and NYC mayor hopeful.
Resorts World NYC and Empire City Casino are both hoping to become the first true casinos in the city. These properties are currently only allowed to offer a limited number of video gaming machines. If given permission, they will be allowed to offer table games and traditional slots, as well.
A Class III casino in New York would likely help to bring the state a massive amount of revenue every single year. It could help to boost tourism into the city at a time when it’s desperately needed. We’ll be sure to offer updates on this situation as they come out.
Do you think we’ll see online sports betting in NY next year? 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. …
