Legal sports betting could be on its way to the Empire State as the New York State Gaming Commission finally included the regulation of the activity in its agenda
Following pressure from Governor Andrew Cuomo, commissioners have decided to act on sports betting or at least open discussions about the regulation of the practice within the state’s borders. Members of the regulatory body are set to meet on Monday and sports wagering is among the topics included in its agenda for that day.
Gov. Cuomo has been pushing for the eventual introduction of sports betting rules and regulation as the state has been losing gambling money to neighboring New Jersey, which jumped on the wagering bandwagon shortly after the US Supreme Court moved to strike down the long-standing PASPA ban.
The Garden State was one of seven states to join Nevada on the sports betting field in the months after the landmark SCOTUS ruling.
Unlike most of the other states looking into going live with wagering, New York does not need to craft and pass a new legislation. The state has already done that back in 2013. The legalization of sports betting was also endorsed by residents via a statewide referendum that took place that year.
Under that legislation, the four Upstate commercial casinos that opened doors in recent years will be able to provide retail betting services. New York’s tribal casinos will be able to get a piece of the wagering pie, as well.
Betting Regulations
The NYS Gaming Commission needs to craft the rules under which sports wagering will be operated on the territory of the state. As mentioned earlier, the Monday meeting will mark the beginning of discussions.
When the commission finalizes the betting regulations, a 60-day comment period will be launched and then a final vote will take place. Experts believe that if the process goes smoothly, sports gambling could go live in the state by May.
This means that the state’s casinos will be able to open retail sportsbooks where bettors will be able to place their wagers on various sports. Under New York’s betting legislation, the facilities will not be allowed to take bets on professional and college sporting events involving in-state teams or venues.
It should also be noted that online and mobile betting are not allowed under the state’s gambling law. A separate piece of legislation will have to be approved in order for digital wagering to go live in New York.
A number of out-of-state gambling operators have already expressed interest in entering New York’s yet-to-be-regulated sports betting field, and some of these operators have already locked up partnerships with local casinos awaiting the introduction of the necessary rules.
DraftKings and FanDuel, the daily fantasy sports companies that pivoted to sports betting offering in a bid to attack the lucrative betting market, partnered last year del Lago Resort in Waterloo and Tioga Downs in Nichols, respectively. Earlier this month, Caesars and the Oneida Indian Nation forged a betting partnership that would see the Las Vegas gambling giant operate sportsbooks at three of the tribe’s casinos around the state.
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