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ATLANTIC CITY, N.J. (AP) — On a day when New York's governor did an about-face and embraced mobile sports betting as a way to deal with financial losses stemming from the coronavirus pandemic, a company that tracks gambling legislation and performance predicted that revenue from legal sports betting could reach $3.1 billion in 2021 and as much as $10 billion within five years.
Mobile sports betting licenses will be tied to existing New York land based casinos. The model being proposed in New York would limit each of the state's seven land casinos to a single skin each, which of course, would also limit the market's revenue potential. New Jersey and Colorado, for example, allow three skins per casino.
- New York Sports Betting General Information. Retail, or land-based, sports betting has been offered on a limited basis in New York since July 2019 as part of the 2013 Upstate New York Gaming Economic Development Act, which authorized in-person legal sports betting at four upstate casinos if federal law were ever changed to allow it.
- Mobile betting for professional sports could theoretically function in a similar way. Currently, the servers for horse betting are located at the racetracks. In both Cuomo and the legislature's.
- Under the plan, the state would issue a request for proposals to operate mobile sports betting. The operator must have a partnership with one of the four casinos. In New York, that would appear to.
- New York Governor Andrew Cuomo has proposed a competitive bidding process for mobile sports betting. While that may increase the potential economic upside for the state, will it exact an even.
VIXIO GamblingCompliance issued a report Wednesday projecting that at least six and as many as 14 additional states will legalize or expand sports betting in 2021. That fits with projections by numerous analysts that nearly half the country may have legalized sports betting by the end of this year.
The company estimated that revenue from sports betting would reach $2.6 billion to $3.1 billion this year, an increase of as much as 100% over the $1.55 billion it estimates will have been generated from sports betting in 2020 (December figures have not yet been reported from most states).
By 2025, that figure could hit $10 billion, the report said.
Sports betting revenue represents money remaining after sportsbooks pay off winning bets and other expenses. It is separate from — and much less than — the total amount wagered on sports, which is called 'handle.' States collect taxes on the amount of money their sportsbooks retain from sports betting, not on the total amount wagered.
The report came as New York Gov. Andrew Cuomo reversed his long-held opposition to mobile sports betting, opening the possibility of a lucrative new market in one of the nation's most populous states. It also could take a big bite out of New Jersey's leading position in the national sports betting market; about 20% of New Jersey's sports bets are placed by New Yorkers crossing the state line.
At a news conference, the Democratic governor proposed having New York run sports betting operations to maximize tax revenue.
'At a time when New York faces a historic budget deficit due to the COVID-19 pandemic, the current online sports wagering structure incentivizes a large segment of New York residents to travel out of state to make online sports wagers or continue to patronize black markets,' he said. 'New York has the potential to be the largest sports wagering market in the United States, and by legalizing online sports betting, we aim to keep millions of dollars in revenue here at home, which will only strengthen our ability to rebuild from the COVID-19 crisis.'
He called on the New York State Gaming Commission to issue a request for proposals to select and license a sports operator or platform to offer mobile sports wagering in the state.
Yaniv Sherman, head of commercial development at 888 Holdings, a sports betting company, welcomed a possible full-scale entrance of New York to the national market.
'New York has always been the critical, strategic and much-anticipated component of any U.S. online gambling agenda, and it represents one of the top three states in terms of economic potential,' he said. 'It's no surprise that this is moving on the back of budget deficits in states like New York, and I think it's a great way of bringing tax dollars from offshore operations to the city and state coffers.'
Likewise, Adam Greenblatt, CEO of BetMGM, said his company is eager to enter New York's expanded market, saying Cuomo's move 'has the potential to bring leaking tax dollars back to New York from offshore books and nearby states.'
Ny Online Sports Betting Law
Sara Slane, a gambling analyst and former official with the American Gaming Association, predicted New York quickly would become a top-tier state in the sports betting market.
The company estimated that revenue from sports betting would reach $2.6 billion to $3.1 billion this year, an increase of as much as 100% over the $1.55 billion it estimates will have been generated from sports betting in 2020 (December figures have not yet been reported from most states).
By 2025, that figure could hit $10 billion, the report said.
Sports betting revenue represents money remaining after sportsbooks pay off winning bets and other expenses. It is separate from — and much less than — the total amount wagered on sports, which is called 'handle.' States collect taxes on the amount of money their sportsbooks retain from sports betting, not on the total amount wagered.
The report came as New York Gov. Andrew Cuomo reversed his long-held opposition to mobile sports betting, opening the possibility of a lucrative new market in one of the nation's most populous states. It also could take a big bite out of New Jersey's leading position in the national sports betting market; about 20% of New Jersey's sports bets are placed by New Yorkers crossing the state line.
At a news conference, the Democratic governor proposed having New York run sports betting operations to maximize tax revenue.
'At a time when New York faces a historic budget deficit due to the COVID-19 pandemic, the current online sports wagering structure incentivizes a large segment of New York residents to travel out of state to make online sports wagers or continue to patronize black markets,' he said. 'New York has the potential to be the largest sports wagering market in the United States, and by legalizing online sports betting, we aim to keep millions of dollars in revenue here at home, which will only strengthen our ability to rebuild from the COVID-19 crisis.'
He called on the New York State Gaming Commission to issue a request for proposals to select and license a sports operator or platform to offer mobile sports wagering in the state.
Yaniv Sherman, head of commercial development at 888 Holdings, a sports betting company, welcomed a possible full-scale entrance of New York to the national market.
'New York has always been the critical, strategic and much-anticipated component of any U.S. online gambling agenda, and it represents one of the top three states in terms of economic potential,' he said. 'It's no surprise that this is moving on the back of budget deficits in states like New York, and I think it's a great way of bringing tax dollars from offshore operations to the city and state coffers.'
Likewise, Adam Greenblatt, CEO of BetMGM, said his company is eager to enter New York's expanded market, saying Cuomo's move 'has the potential to bring leaking tax dollars back to New York from offshore books and nearby states.'
Ny Online Sports Betting Law
Sara Slane, a gambling analyst and former official with the American Gaming Association, predicted New York quickly would become a top-tier state in the sports betting market.
'Gov. Cuomo's embrace of mobile sports betting immediately positions New York to soon lead all other states and generate significant revenue for state coffers,' she said. 'New York, with a population of nearly 20 million, dwarfs any other state with legal betting and should have no problem regularly topping $1 billion a month in wagers.'
New York, like most states, expects to have a smoking crater where its budget used to be due to the economic impact of the coronavirus pandemic. That is expected to play a large part in additional states considering or enacting sports betting legislation this year.
The report predicted an aggressive campaign to legalize online sports betting in Texas this year, with team owners allied with DraftKings, FanDuel and BetMGM to press for legalization. That would require a constitutional amendment and a stateside referendum.
It forecast renewed legislative efforts to enact sports betting in Massachusetts, Georgia, Ohio and North Carolina, among others, while noting that sports betting efforts in Florida and California remain complicated by the impact they would have on tribal gambling operations and rights.
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Associated Press Writer Marina Villenueve in Albany, New York, contributed to this report.
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- Bills have been filed in the New York State Legislature to make mobile sportsbooks legal.
- Governor Andrew Cuomo would like to see a legal mobile sports betting market in New York run similar to the New York Lottery.
- The bills waiting to be heard would have mobile and internet sports wagering platforms run by casinos instead of the lottery format that the Governor is aiming for.
NEW YORK – New mobile sports betting legislation has been filed in New York for the 2021 session but the proposal differs greatly from how Governor Andrew Cuomo would like to see the industry run. Senator Joseph Addabbo Jr. has been trying to get legal mobile sportsbooks in New York for quite some time.
He, along with Assemblyman Gary Pretlow, have come together to file Senate Bill 1183 and Assembly Bill 1257, almost mirror images of the duo's previous bills on the topic.
There is one glaring difference within this year's draft, as it allows for two skins per retail location rather than one. That could give New York fourteen different internet and mobile sportsbook operators doing business in the state.
The Bill Breakdown
Since making the announcement that he is behind a legal mobile sports betting market, Governor Cuomo has taken it a step further. Instead of having an industry tethered to the casino and gambling facilities within the state of which there are seven, Cuomo would like to have an industry run through one operator similar to the New York Lottery.
NY SB 1183 and NY A 1257 tie the market to casinos instead. The bills would ask venues to pay a $12 million application fee for an online license. The GGR would come with a 12% tax where 5% of that would be earmarked for problem gambling programs. A royalty fee of 0.2% would go toward the leagues in profits which means a 5% hold by operators could result in leagues receiving a 4% cut of that revenue.
The proposal also requires that official league data be used for live in-game wagers offered by sportsbooks. Along with the seven locations that could open two mobile sports wagering platforms a piece, professional sports facilities could partner with casinos to have sportsbook kiosks placed at their venues.
An estimated $79 million of revenue could be made yearly through the legalization of mobile sportsbooks with this measure.
Cuomo's Vision
Cuomo has a different, more lucrative vision for mobile and internet sports betting applications in New York. If the lottery were to run the market, the state could stand to gain much more revenue. If casinos run sportsbooks, New York would only get a piece of the action, with the bulk of profits going to the operators.
Cuomo believes that the Empire State could see as much as $500 million annually through mobile wagers and kiosks at lottery retail locations.
But this large number would mean that New Yorkers would have to bet about $20 billion a year on sporting events using these outlets to reach that revenue estimate which would be difficult but not unreasonable considering anything is possible in New York.
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The sports fans they have there as well as being home to some of the top professional sports teams in the country could make that revenue figure a reality in the future.
Is Mobile Sports Betting Legal In Ny
'We want to do sports betting the way the state runs the lottery where the state gets the revenues. Many states have done sports betting, but they basically allow casinos to run their own gambling operations. That makes a lot of money for casinos, but it makes minimal money for the state and I'm not here to give the casinos a lot of money,' said Cuomo in a press conference held Wednesday, solidifying his views on the subject of legal mobile sportsbooks for public knowledge.
The New York State Legislature convened on January 6 and will adjourn for the year on June 18.
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News tags: A 1257 | Andrew Cuomo | Assembly Bill 1257 | Gary Pretlow | Joseph Addabbo Jr. | New York | New York Lottery | New York State Legislature | NY SB 1183 | Senate Bill 1183
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Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.
