- New York finally passes sports betting
- Online sports betting to be taxed at 12%
- Governor Cuomo supports the bill
The New York Gaming Commission has come up with a decision allowing spots betting to be introduced to the Empire State.
New York Finally Welcomes Sports Betting
On June 10, the New York Gaming Commission has given the go-ahead to the state’s casinos to begin offering wagers on sporting events. This comes over a year after PASPA was repealed by SCOTUS and the activity became legal across the United States.
As per the decision of the Commission, several properties, including Rivers Casino, Tioga Downs, Del Lago Resort and Resorts World Catskills will all begin accepting sports bets. To do so, however, these operators will need to meet the requirements that regulators put on them.
The legal age of the activity has been established as 21 and sports betting can take place based on any official competitive event, other than collegiate sports and horse racing. Similar to other states, each casino has been allowed to team up with an online band that has experience in developing sports betting solutions online. As the partnerships stand, the following alliances have been forged in the Empire State:
- Resorts World Catskills – Bet365
- Del Lago Resort – DraftKings
- Tioga Dons – FanDuel
- Rivers – Rush Street Interactive
None of these names is new which signals a consolidation of the sports betting industry across the U.S. All new states are quickly crawled and invested to by established brands. Meanwhile, Bet365 has been one of the most committed supporters of sports betting, with the company hiring a lobbyist group in the Empire State to help them push for legal sports betting. Bet365 also partnered up with Empire Resorts back in November.
Getting the Governor’s Ear
New York Governor Andrew Cuomo has long been saying that sports betting can influence the Empire State for the better, even though he has expressed his own qualms insofar the “morality of the matter” went. Cuomo also argued that any restrictions to introducing online sports betting in NY were in fact only applicable to land-based operations.
All this current progress has been made with the help of Senator Joseph Addabbo and Assembly member Gary Pretlow who both pushed ahead with bills in order to legalize the industry. As per currently legislation, NY will tax 12% on all mobile wagers and collect 8.5% from land-based operations. In addition, there is a $12 million licensing fee.