New York Legalising Sports Betting Sites
Posted on April 23, 2021 at 2:04am
The Governor of New York, Andrew Cuomo, has announced that lawmakers in the state have made the decision to approve a 2022 fiscal year budget that includes both online and mobile sports betting. This comes after years of rallying for the legalisation of sports betting sites. However, at this stage, it remains unclear as to which model New York will implement.
Governor Cuomo has previously said that he wants New York state’s sports betting industry to be run by the New York Lottery. He added that the organisation would only grant licenses to a few mobile sports betting sites, and that all of them would need to adhere to strict legislation. The Governor reasoned that he is not out to make money for casinos, but rather for the state of New York, and that a sports betting industry that is run by the state is the best way to do so.
Concerns Over Monopolies
While Governor Cuomo’s suggestion is one that would indeed earn a great deal of money for the state, the decision has been criticised by many. Critics have expressed their concerns over the possibility of monopolies emerging and the effects that this could have on constitutionality. Furthermore, a model that only allows for a limited number of operators is vastly different than other states with legalised sports betting. These states, such as New Jersey and Pennsylvania, all allow for multi-operator models.
Sports betting sites operators in New Jersey have also voiced their concerns over the fact that the legalisation of wagering in New York state could lead to a loss of business for them. On the other side of the coin, there is also a fairly strong consensus that because of Cuomo’s suggested model with a limited number of operators, operators in New Jersey have nothing to fear.
The History Of Sports Betting In New York
New York was actually one of the first states to draft regulations for sports betting sites g, even long before it was legal. Less than a decade ago, in 2013, lawmakers approved legislation that would allow the state’s four commercial casinos to offer sports betting, should it ever be legalised. In 2018, with the Supreme Court’s repeal of PASPA, states were allowed to offer sports betting. Shortly after, New York launched in-person betting.
Mobile sports betting is crucial, however, as is evidenced by New Jersey, which has one of the country’s most successful industries. Overall, approximately 90% of wagers placed in New Jersey are done online.
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