The tide is turning, and it looks like you may see new sportsbooks in New York soon. Many sportsbook pay per head blog writers are well aware of the struggles the New York legislation has when it comes to legalizing and adding sports betting in the state. As most in the industry know, Governor Andrew Cuomo has always been against immediately legalizing sports betting in New York.
Even if it is easy and quite affordable becoming a bookie, its not so easy for legislators to find ways to legalize and regulate sports betting markets. For instance, in New York, Governor Cuomo previously advocated that the state’s constitution needs an amendment before they can pass any law on sports betting. However, interpretation of the law is unclear.
Sportsbooks in New York
Currently, New York residents can visit any of the state’s tribal casinos to place their wagers. They can also avail of online sports betting- only if they are within casino premises. No bill is under discussion- at least not until now. The 2021 legislative session in the state starts this week, and Governor Cuomo plans to include sports betting in bills. The may reason is mostly to be able to generate funds to help with the state’s finances. The impact of COVID-19 in New York has been heavy, and the state is looking for ways to help mitigate financial problems that the state has.
To be more specific, the Governor wants to even discuss online sports betting. New York, given its population size, and the popularity of their sports teams, is a potential goldmine in the sports betting industry. With a legal online sports betting market, the state can collect millions in tax revenue from sports wagering. There are still no specifics on what this new development will entail. Will it be limited to current licensees? Will they accredit new operators? How much will the tax and licensing fees cost? Of course, we will give you more details as soon as we find out.