New York Sports Betting May Finally Arrive
April 02, 2021
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After a massive push for mobile sports betting legalization, New York may be on the cusp of legalizing it. Senator Addabbo is the primary figure to thank for that. New Jersey siphons millions of dollars in sports betting revenue from New York. It remains one of the biggest reasons Senator Addabbo tried tackling mobile sports betting. New Jersey’s mobile sports betting industry was taking money away from New York’s retail sports betting industry.
Why New York Sports Betting Is So Close
The deadline to add sports betting into New York’s budget was March 31st. However, officials are still negotiating sports betting after that deadline. The negotiations going into overtime suggests two things:- Mobile sports betting is believed to add enough value to New York to add it to the budget immediately.
- A deal is close enough that it can be hammered out in a few days.
What Mobile Sports Betting Could Look Like In New York
Mobile sports betting will follow one of two models in New York. One could be a free market mobile sports betting industry. The other could be a lottery-run mobile sports betting industry. Senator Addabbo favors the free market, while Governor Cuomo favors the lottery-run model. The free market model would attract more sportsbook operators and likely lead to better bonuses for bettors. Forcing sportsbooks to outdo one another should benefit their customers. However, the lottery-run model would lead to more tax revenue for the state. That’s the tradeoff being argued behind closed doors. We’re putting our bets on Senator Addabbo’s proposal largely coming through. Governor Cuomo is one of several stakeholders who Senator Addabbo has courted to get this bill this far. He has won bipartisan agreement for his bill, which gives him some negotiating power against the Governor. However, the winner will have to ensure that negotiations properly include tribal casinos. Native American casinos are on tribal lands, so everyone at the negotiating table will have to decide how to handle:- Wagers placed on tribal lands
- Revenue directed to tribal casinos or state coffers
- The entire issue of tribal exclusivity
