Legalizing Sports Betting In New York Makes Sense

Michael Molter — Mon, 25 Feb 2019 19:44:00 +0000

What do you do when your state is about to pass a budget that fails to account for nearly $2.3 billion of costs? Legalize sports betting, regulate the industry, and collect the tax revenue.

New York has completed the first stage, as a 2013 voter referendum passed in support of legal sports betting.

The state is in the process of completing the second stage when the New York State Gaming Commission approved a draft of the regulations. The regulations, which were unanimously approved, must enter into a 60-day public comment period.

The sixty days concludes on Friday, March 29.

Upon expected approval, the state would allow for sports gambling in the four upstate New York commercial casinos. The tribal casinos throughout the state would also be permitted to participate as they, by NY law, are allowed to offer any game that the commercial casinos do.

What Will The Tax Revenue Support?

The new industry would remove the underground operators from power and allow for the state to bring in some extra money to close the budget deficit.

Neighboring New Jersey operators have seen sports betting revenue at nearly $63 million in the last three alone and New York legislators are looking to capitalize on this as well.

“It offers great potential for increasing revenue without placing the burden on taxpayers,” said New York Senator Joseph Addabbo, Jr. (D- Howard Beach).

While the tax contributions from the revenue wouldn’t come close to balancing the budget, it would help promote a healthier economy.

The economic advantages that legalizing sports betting would impact include increased sales and tax revenues, along with additional jobs for the local economy. Tax contributions and supplementary income would help fund essential programs in the state, mainly based around education.

Addabbo has even pushed for an online betting platform which would include mobile betting. However, the originally approved regulations have no mention of adding a mobile feature.

“I am confident that by working together, we can develop and enact a comprehensive plan. It is big money, we know it is,” Addabbo said.

Upon approval of the regulations, sports betting in New York would be able to start as early as April.

Additionally, the state has until April 1 to vote on the 2020 budget set forth by Governor Andrew Cuomo.

The post Legalizing Sports Betting In New York Makes Sense first appeared on SportsBettingInNewYork.com.

Caesars And The Oneida Indian Nation Enter Into Deal To Bring Sports Betting To New York

Michael Molter — Mon, 07 Jan 2019 19:40:00 +0000

As one of the states determined to build a powerful sports betting industry, New York has seen further advancements towards opening their first in-state sportsbook. This week, Caesars Entertainment Corporation finalized a deal with the Oneida Indian Nation at their three upstate casinos located between Syracuse and Utica.

Details Of The Deal

The alliance includes both licensing and branding at Turning Stone Resort Casino, Point Place Casino, and Yellow Brick Road Casino as both Caesars’ Executives and Oneida Tribe Representatives believe the launch will occur in 2019. Executive Vice President of Gaming and Interactive Entertainment at Caesars, Christian Stuart, said “the Oneida Indian Nation has already established Turning Stone as the preeminent New York gaming destination, which makes the property and its sister casinos fitting partners for Caesars”

“The Lounge With Caesars Sports” will be set to open pending approved legislation from NY lawmakers.

The Backstory On New York Sports Betting

Sports betting in New York has been legalized since 2013, when voters passed the referendum allowing it at the commercial casinos- even before the May 2018 appeal of PASPA. There were no regulations set in the state and the State Gaming Commission still must promulgate these standards; however, the Oneida Tribe has the right to offer the same types of gaming as the commercial casinos, per New York law.

The proposal must also be agreed upon by the National Indian Gaming Commission. Assemblyman Steve Hawley explained, “then it goes to the NYS Gaming Commission, who will put forth regulations and the Oneida Nation would have to accept those and implement those before they would start sports betting.”

Following Other Tribal Footsteps

The National Indian Gaming Commission has already seen the Santa Ana Star Casino in New Mexico and the Pear River Resort in Mississippi begin their own sportsbook ventures so here should be no different.

The Oneida Indian Nation is awaiting those guidelines but don’t think they are sitting idly. Already with plans, there is no hindering their excitement for a worthwhile agreement. “Caesars is in a class of its own. We are pleased to be joining forces with this world-renowned gaming leader … creat[ing] the perfect synergy for a meaningful long-term partnership, said Ray Halbritter, CEO of Oneida Nation Enterprises.

Surrounding states like New Jersey, Pennsylvania, and Rhode Island have already started their state-run industry as well and have been poaching New York residents in the meantime. The spread of legalization in the Mid-Atlantic Region is occurring instantly as Delaware, West Virginia, and D.C have all moved aggressively towards starting their own industry. These states were quick to launch and adopted regulations in 2018, something New York residents are hoping for sports betting in New York this time around.

The post Caesars And The Oneida Indian Nation Enter Into Deal To Bring Sports Betting To New York first appeared on SportsBettingInNewYork.com.

Michael Molter | SportsBettingInNewYork.com

Legalizing Sports Betting In New York Makes Sense

Caesars And The Oneida Indian Nation Enter Into Deal To Bring Sports Betting To New York