Ny Legal Sports Betting
A sports betting launch in New York would be huge. We all know that. New York has a massive population with over 18 million citizens inhabiting it. For perspective, New York is fourth in the entire country in total population according to the US Census Bureau.
State law bars full-blown casinos from opening anywhere near the city until at least 2023 and lawmakers failed to approve mobile sports betting in New York this legislative session. New York's first legal sports bet has been placed Rivers Casino in Schenectady is first to open legal sports betting lounge. In response to a request from syracuse.com, the state Gaming Commission. Jan 14, 2021 Sports betting in New York is legal, though action is currently limited to the state’s tribal and commercial casinos. New York was one of the first states to pass legislation authorizing sports betting back in 2013, through the first legal wagers were not accepted until 2019.
The rumors come strongly fueled by Governor Andrew Cuomo saying in a recent press conference that the heavily indebted state could look to sports betting for tax dollars.
Senator Abbabbo spoke with our own Chris Gerlacher about the excitement of potentially adding mobile sports betting. The state is badly in need of revenue with the COVID-19 pandemic hitting the state extremely hard.
Companies Are Chomping At The Bit For New York Sports Betting
As 2021 kicks off, Penn National Gaming has received the highest target rating in its history. At a whopping $101 target, Bank of America is exceedingly optimistic that 2021 will be a big year for gambling. However, this might not be all that outlandish.
Currently sitting at $92 per share, rumors of impending legalization from other states (mainly New York) are changing the way analysts value these companies.
New York is not the only state that could look to legalize sports betting in the near future. Virginia, Michigan, Maryland, and Missouri are just a few states that plan to legalize or launch sports betting in 2021.
Company valuations will skyrocket if New York launched online sports betting in the near future. This is why companies must be prepared on a moment’s notice so they can get to the market quickly.
Sportsbooks Prepared To Launch First In New York
Here are some of the top sportsbook brands we anticipate would be the first to launch in New York if legalization comes to pass. This is because of their overall market share in the US, their ability to be the first to launch in other states, or their connection to New York.
BetMGM Sportsbook
- BetMGM owns Yonkers Raceway and Empire City Casino in New York. They have a rock-solid foundation in New York. The expectation is they would be one of the first companieses to operate a sportsbook in New York.
DraftKings Sportsbook
- DraftKings Sportsbook is perhaps the largest online sportsbooks in the country. They also operate a retail location at the del Lago Resort and Casino in Waterloo. They will use this as a clear partnership to obtain a license and prepare to launch in New York as soon as they are cleared.
FanDuel Sportsbook
- FanDuel has serious roots in New Jersey and New York. The at-the-time Attorney General Andrew Cuomo battled FanDuel and DraftKings over the legality of Daily Fantasy Sports in the state. They obviously won the case and are now operating a physical location in Tioga Downs Casino. Having a partnership in the state is the fast track to operating a mobile sportsbook in New York.
BetRivers Sportsbook
- BetRivers operates Rivers Sportsbook in Schenectady, New York. They have a history of launching first in states that they operate. They will be prepared when sports betting is available in New York.
Close, But Not Quite Ready
William Hill/Caesars Entertainment
- Caesars Entertainment is set to buy William Hill within the calendar year. Caesars is preparing for New York as they are attempting to build a casino resort in New York. The current proposal would be for Caesars to build a $750 million casino 55 miles away from New York City.
- If the proposal were to go through, Caesars would have a quick opportunity to get William Hill sportsbook operational. They are one of the largest sportsbooks in the country and backed by an international reputation for sports betting.
Not Quite Ready For New York Sports Betting Launch
These sportsbook brands are expanding rapidly across the US, but do not have a current presence in New York State. The rules are not set yet in New York as to whether these sportsbook brands would need to partner with a local retail casino, but that is a common requirement in almost every state with legal online sports betting.
PointsBet Sportsbook
- PointsBet does not have a clear route to a partnership in New York. The young sportsbook would need to reach an agreement with a casino in New York before they could launch. They have a partnership with NBC which could help them land a partnership with a casino.
Golden Nugget Online Sportsbook
- Golden Nugget does not operate any retail locations in New York. Furthermore, they are in the process of merging with Landcadia Holdings. Once this is complete, they will work to expanding their reach past just New Jersey and Nevada.
Barstool Sportsbook/Penn National Gaming
- PENN does not own or operate a casino in New York at this time. There does not appear to be any movement in this area yet. They could look to partner with any of the remaining casinos if given a green light.
The history of all major sports run through New York.
From the most decorated MLB franchise in the New York Yankees to storied organizations such as the New York Knicks of the NBA, the Empire State takes claim to 10 teams across the four major professional leagues in North America.
Now, folks in New York can legally bet on those franchises — at retail sportsbooks, at least.
As it has been since 2019, when regulated brick-and-mortars began cropping up in New York, legal wagering in the state is limited to physical sportsbooks located at four commercial casinos and seven tribal casinos.
Lawmakers and stakeholders have long fought for the addition of online sports betting in New York. To this point, though, each attempt has been rebuffed, thus creating quite the restriction on the industry.
Not all is lost for bettors in the state, however. Nearby New Jersey boasts a host of betting apps that New Yorkers can download at home before using to place wagers while physically located in the Garden State.
Certainly, though, the fight to integrate NY online sports betting will continue — hopefully with a happy ending.