Home Stock New York officially approves legal online sports betting

New York officially approves legal online sports betting

The State of New York announced it budget approved for fiscal year 2022 That would allow legal online betting in the state for the first time.

Report more words Action Network and Buffalo News said plans to roll out online sports betting will be some form of limited operator model that has been approved by New York Gov. Andrew Cuomo.

Cuomo said he wants to run the state’s sports betting industry through the New York Lottery, which is run by the government. Under its plan, the New York State Lottery will only take on proposing requests from certain mobile betting operators, after which they can license other sports betting operators. , according to the PlayNY.

“We want to do sports betting in a way that the state operates the lottery, where the state gets its revenue. Many states have already implemented sports betting but they basically allow casinos to run their own gambling activities. That creates a lot of money for the casinos but it only makes the minimum money for the state, ” Cuomo said in January about its plans.

“And I didn’t come here to make a lot of money from the casino. I am here to raise funds for the state. So we have another model for sports betting.

Cuomo’s proposal to host New York Lottery sports betting was opposed by lawmakers for its lack of competition and concern about constitutionality. It is also vastly different from the way other states offer online sports betting. States like Pennsylvania and New Jersey allow some casinos to operate legally, forcing customers to be more competitive.

Governor Cuomo and New York’s legislative leaders announced that a state budget deal was reached, but few other details on the specifics of the sports betting plan were known at the time. this point.

Sports betting is technically legal in New York state but it is limited to live betting at four New York suburban casinos. Online betting is not currently allowed in any area of ​​New York.

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Online betting is where most bets happen in states that offer both forms of betting. For example, over 90% of all bets in neighboring New Jersey take place online. By far, New York will be the most populous state to offer online sports betting.

A recent report has pointed out about 20% New Jersey’s sports betting comes from New York City.

Sports betting stocks were only slightly volatile in Tuesday trading. DraftKings
+ 1.87%

1.8% increase, Penn National Gaming

fell 2.5%, Caesars Entertainment
+ 2.57%

2.5% increase is up 5.5%, MGM Resorts

fell by 0.4%.

Roundhill & iGaming ETF sports betting
+ 0.56%
The index, according to the levels of global sports betting and iGaming companies, was up 0.5 percent in trading Tuesday.



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