New York moves closer to legalising online gambling and sports betting

Posted:: Mar 17, 2021 16:45 Category: Americas , Online , Sportsbetting , Posted by Maria

Back in 2019 New York began accepting in-person sports wagers limited only to the state’s tribal and commercial casinos, this week’s budget proposals might see the sanctioning of mobile sports betting

The Senate and State House Assembly voted on two separate bills this week. These bills will see new casino licenses for the downstate zone, including one in New York City. Both chambers also passed budget proposals for the sanctioning of mobile sports betting.

The Assembly and Senate proposed a framework that would enable multiple sportsbooks to operate in the state.

Daniel Wallach sports bettingThis bill, if passed will see casinos being permitted two sports wagering brands each at a cost of $12m per license for each operator.

Attorney Daniel Wallach, a leading expert on gaming issues with Wallach Legal LLC said “this will be the year that mobile sports betting is enacted in New York.”

There are currently seven established casinos: four commercial and three tribal, in addition to three new venue in New York, and if the bill is folllowed through it will see 20 licences granted across these casinos. The deadline for the additional three proposed venues in New York, is July 1st.

A 12% tax has been set for mobile and 8.5% for terrestrial wagers, while off-track betting facilities will be allowed to partner with a casino to host on-site self-service kiosks.

Before New York’s fiscal year starts on April 1st, the budget proposals need to be reconciled and presented to governor Andrew Cuomo to sign them into law.

With this decision New York could potentially become the largest sports betting market in the US as the state records 210.6% increase on year-on-year gross sports betting revenue

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