New York State Closes in on Online Sports Betting Legislation
Published April 25, 2021 by Lee R
The potential revenue rewards in New York which iGaming offers can no longer be ignored by the legislature.
When it comes to gambling in the New York-New Jersey Metropolitan Tri-State area, New Jersey was always considered the friendly state, with New York maintaining a traditionally hardened stance on games of chance.
The Transformation
Some would call a true sea-change the revelation that New York State legislators are closing in on approval of a measure allowing licensed online sportsbetting sites to begin local operations as soon as the beginning of September.
Limited Operator Model
Sports media firm The Action Network confirmed that a limited-operator model proposed by New York Governor Andrew Cuomo has been included in the state’s $200 billion budget for 2022. Unpopular with many operators and lawmakers alike, Cuomo's model reportedly calls for the New York Lottery to license two online sportsbetting firms who in turn would be authorised to subcontract up to four additional mobile-friendly skins.
History of NY iGaming
The fact is, legalisation of iGaming has bseen in process since the repeal of RAWA.
New York state responded to the opportunity to add revenue through sports betting by legalizing retail sportsbetting in June of 2019, an idea which to this point has generated modest returns numbering in the low millions.
Market Potential
With what proponents believed represented billions of dollars per month, iGaming was estimated to provide up to 90% of the state’s sports wagering revenue and become the largest legal online sports-betting market in the United States by population.
Prepared to Adjust
At this point, the Democracy legislature of New York is fully prepared to revamp regulation as necessary for next year once they see the model in action, showing that iGaming in New York is here to stay.
Players Already Playing
Of the legislation, New York State Senator Joseph Addabbo expressed his hope that the new legislation would bring in the many players currently gambling with unlicensed regulators.
Outlook
The State of New York's willingness to adapt its traditional hard-line policies towards gambling reflect the new times in which the added revenues from legalised iGaming and the amount of people already playing should logically be harnessed into a regulated model to address the new self-evident financial challenges of our challenging new world.
