New York now has legal sports betting, although it’s not online yet. Just under a dozen upstate casinos can operate brick-and-mortar sportsbooks at the moment.

Daily fantasy sportsand horse racing are also legal — and regulated — in New York.

This week, Governor Andrew Cuomo of New York expressed that he is finally ready to move the state toward legalizing and regulating online sports betting. Sports betting operators are excited. NYC bettors who are serious about getting into sports betting should consider legal offshore gambling sites. Offshore gambling sites provide online casinos, poker, and sportsbooks. All that is required to participate in offshore gambling is legal licensing. FanDuel CEO Matt King spoke about the booming growth of legal sports betting in the United States, particularly in + this photo to the FanDuel Sportsbook at Meadowlands Racecourse in New Jersey, the gold rush as it spreads to other states like New York, Super Bowl plans and his thoughts on setting stock exchange as a business.

Read on for more information about all of the sports gaming options in the state.

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Long-awaited results

A study commissioned by the New York State Gaming Commission has provided revenue estimates for a legal online and retail sports betting market in the Empire State.

The commission first requested the study in September 2019 and planned to publish the results three months later. A number of delays, however, meant the body only published the 345-page report last week. Spectrum Gaming Group conducted the analysis with the aim of forecasting the impact of changes to New York’s gaming market.

could generate between $816m and $1.14bn in annual gross gaming revenue

The study’s publication comes as lawmakers in the Empire State consider the legalization of mobile sports betting. Spectrum estimates that a combined retail and mobile New York sports betting market could generate between $816m and $1.14bn in annual gross gaming revenue (GGR).

Further details of the study

Last week, Governor Andrew Cuomo reaffirmed his support of a state-run model for New York mobile sports betting. The study’s revenue estimates are based on the introduction of an open market with multiple operators.

Spectrum forecast New York sports betting revenue for the first six years of “full-scale sports wagering.” The study estimates that mobile and retail sports betting could generate $332m to $406m in its first year. Spectrum expects this to increase significantly over the following years, to a maximum of $1.14bn in the sixth year.

Spectrum based its sports betting revenue estimates on an annual GGR of $50 to $70 per adult across the US. As New York’s median household income is slightly higher than average, Spectrum increased its per-adult revenue estimate to between $53 and $74 for New York.

The study also anticipates that as a result of sports betting growth over the six years, state tax revenue from the market will also increase. Spectrum expects the market to generate between $74m and $104m in tax by year six. The figures are based on a tax rate of 10% on sports wagering revenue.

The progress of mobile legislation

The door opened for New York mobile sports betting earlier this month after Gov. Cuomo delivered his State of the State address. The governor said a legal sports betting market would help the Empire State in its financial recovery following the COVID-19 pandemic. Online betting games apps to play.

Nj Sports Betting New News

Despite Cuomo’s newfound support for mobile betting, the optimal model for such a market is still up for discussion. The governor believes a lottery-controlled model would bring in the most state revenue. Robert Mujica, New York’s budget director, has backed this view. He estimates a state-run market could generate $500m annually for the Empire State.

New York Legal Sports Betting

Legislators are currently attempting to pass two bills which would set up an open market with multiple providers. Senator Joseph Addabbo Jr and Assemblyman Gary Pretlow proposed the legislation on January 7. If passed, bills S1183 and A1257 would allow the state’s gaming commission to issue a request for proposal, after which it could select multiple providers.

Legal Sports Betting States

The Senate voted both bills out of committee last week.

Legal Sports Betting New York