New York set to launch sports betting

The four New York casinos would offer sports betting. (Credits: bizjournals.com)

The Gaming Commission is setting regulations to roll out the segment in a limited way, as it will only be allowed in casinos.

US.- Sports betting is already up and running in New Jersey but neighbour New York is working towards launching its own version of the segment. The state Gaming Commission is set to regulate the activity, which will have a limited reach, as it will only be legal in the area’s four privately run casinos.

“When the Gaming Commission comes out with regulations, I really think you’re not going to see a heck of a lot of revenues from sports betting because it will force people to go to the lounge of the four casinos,” state Sen. John Bonacic said. In addition, he forecasted gross sports betting revenue to hit the US$500 million mark, but only if it is allowed to offer a mobile option. Ron Ochrym, Gaming Commission acting-Executive Director, said mobile wagering is being discussed under current regulations.

According to industry experts, additional legislation would be needed for sports gambling as it is limited by the state’s Constitution and a 2013 state law. That’s why the segment would only be cleared to operate in the four casinos, and not in other area operations such as the New York Racing Association tracks or the Saratoga Casino Hotel.

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