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April 25, 2019, GMT+0000, 18:46 pm
News Regulation

Stakeholders Say New York is Missing out on Sports Betting Income

The New England Patriots annihilated the Los Angeles Rams this past Sunday at the Super Bowl with a final score of 13-3. A new survey conducted by the American Gaming Association shows that approximately 22 million Americans placed $6 billion in sport bets for this game. A piece of that money went directly into the pockets of the states that legalized sports betting offline and online. 

Addiction is Real 

One reason sports betting legalization lags in New York is that some entities worry about people becoming addicted to gambling. People could end up losing everything they own by placing sports bets legally. With betting legalized, there are no more restrictions to prevent addiction. However, according to the survey, people are still making these bets illegally and regularly get around the local restrictions by visiting neighboring states, like New Jersey,  to place legal sports bets. 

Behind the 8 Ball 

Legislators and stakeholders say that New York is missing out on some big bucks. On January 28th, 2019, the State Gaming Commission passed rules that allow legal sports betting, but a 60-day public comment needs to happen before a final draft is solidified. The rules are already in place, but as Senator Daphne Jordan says, “We will not have sports betting in time for the Super Bowl or for March Madness.” That is billions of dollars just walking away. Shareholders and legislators also suggest that the state needs to become more competitive to garner a larger sports betting crowd compared to its neighbor. 

There are four casinos that will accept sports bet wagers in New York after the rules officially pass: 

  • Rivers Casino in Schenectady 
  • Lago Resort and Casino in Tyre 
  • Resorts World Catskills in Monticello 
  • Tioga Downs Casinos in Nicholas 

History is There 

When the Professional and Amateur Sports Protection Act of 1992 was reversed in mid-2018, states gained the power to determine their own rules for sports betting. Some shareholders, however, believe that the rules do not stretch far enough. There needs to be clear legislation for mobile devices and brick and mortar facilities. Just next door in New Jersey, online sports betting through websites like DraftKings made loads of money. Will New York soon follow suit with other sporting events? 

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