New York Begins Sports Betting Procedure

After much ado, the state of New York may at long last get its regulated sports betting as the New York State Gaming Commission is going to have a round of discussions regarding regulation of this gaming industry branch within land-based venues. The regulator will hold talks this week, beginning on Monday, January 28th.

The overdue legislation finally seems to be in preparation for what will be one of nation’s largest sports betting markets. It wasn’t to be in 2018 – at the time, the entire country was swept with sports wagering fever – as the process of advancing the bill was not ready in time for it to be ed by the state Senate.

The meeting’s agenda simply outlines that the Commission – the state’s official gaming regulator – will “look at proposed rules for sports betting.”

First Round Begins

There were no specific details mentioned as to what the Commission will discuss in depth during this maiden gathering of the regulator’s .

It is fairly certain, however, that the foundation for the vertical’s regulatory framework will be laid out during these talks. New York’s 2013 constitutional amendment gave casinos the right to launch sports betting in case PASPA gets repealed…

…and since that’s exactly what happened in May last year, when the Supreme Court overruled the 1992 Act, it is now up to NY regulators to do their part and bring this potentially massive market closer to launch.

However, the 2013 legislation only allows in-person wagering, meaning that all sports betting must happen exclusively within land-based properties. State lawmakers will need to expand this with new amendments, should the state opt for a wider array of options, like betting shops or online and mobile betting.

More Than Enough Interested Parties

Senator, Joseph Addabbo, proposed a bill (S00017) that entails land-based, online and mobile sports betting across the state. According to his proposal…

…sports betting in New York would come with 8.5% gross gaming revenue tax and a 0.2% royalty fee of each handle with every operator to be paid Commission on a quarterly basis.

Under his bill, only the state’s casinos would be qualified for obtaining the sports betting license. This bill is part of the Racing, Gaming and Wagering Committee debate that began on January 9th.

Needless to say, there are dozens of gambling operators and companies lining up for their place in US’ most attractive market…

…Legendary Madison Square Garden is a strong candidate for becoming the very first venue to make the most of legal sports betting in NY after applying for trademarking the MSG brand with the United States Patent and Trademark Office for sports betting use in online, mobile and social media.

Gary Pretlow, Assembly member, will also introduce his bill proposal and submit a sports betting amendment to the 2013 bill.

Source:

“New York regulator to begin sports betting talks”, igamingbusiness.com, January 25, 2019.