So far, New York is enjoying a huge start in mobile sports betting, and Empire State expects a major swing around this month’s March frenzy. However, the handle could be even bigger if locals are allowed to bet on their college teams, as local governments currently prohibit betting on teams from within the state.
The state’s mobile sports betting sector began in January this year, and so far, local bettors have made more than $3 billion in online betting. And in the wake of this month’s NCAA tournament, the state expects high betting activity to continue, even though locals can’t bet on local college basketball teams.
Recently, Nick Antenucci, a senior adviser to Davidoff Hutcher & Citron, shared his thoughts on the state’s new online gaming market and its restrictions. According to him, the state introduced game offerings at a good time, and could not have scripted a better time to provide games from a policy standpoint by awarding licenses and earning rewards now during the NFL playoffs.
According to experts, New Yorkers don’t have as many online sports betting options as people in other states, because locals can’t bet on their teams. He pointed to Colgate because locals can’t bet on the team. Mr. Antenucci says the state can lift restrictions because they are too short, but not in the next two years.
Besides this, many universities are expressing concerns about gambling issues and possible match fixing. This may lead local universities to oppose these changes in gambling regulations and to express their opposition to legislation that would lift them. And Mr. Antenucci believes that if the state overcomes these concerns, many restrictions could be lifted in the coming years.
The lead attorney also had some words about the state’s recent legislation that would increase the number of licensed mobile sports betting operators. He noted that there is a significant push to diversify and provide opportunities for minority-owned businesses, and he doesn’t believe the state is trying to oversaturate the market because the new sportsbook will probably be a smaller platform.
A bill to increase the number of legitimate mobile sports books in the state was proposed by Congressman J. Gary Pretlow. His bill would allow a total of 16 online sports operators in the state by 2024, instead of the current nine. Besides this, his bill will also reduce the tax rate, which is currently 51%.
In addition, the online gaming industry Empire State is also looking to develop land-based casino permits, as it expects to grant three commercial casino permits in Downstate New York. In last week’s latest budget plan, such a permit could cost operators US$1 billion.