New York approves legal online sports betting

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New York State has announced that it has approved a budget for its fiscal year 2022 that would allow legal gambling online in the state for the first time. Other reports from Action Network and Buffalo News indicate that the plan to implement online sports betting will be a form of limited operator model that has been championed by New York Governor Andrew Cuomo.

Cuomo has 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 would issue requests for proposals from just a few mobile betting operators, which it could then license to other sports betting operators, according to PlayNY. “We want to do sports bets in the same way that the state runs the lottery where the state gets the revenue. Many states have wagered on sports, but they basically allow casinos to run their own gambling operations. That makes a lot of money for the casinos, but it makes minimal money for the state, ”Cuomo said in January of his plan. “And I’m not here to make the casinos make a lot of money. I’m here to raise money for the state. So we have a different model for sports betting. ”Cuomo’s proposal that the New York Lottery run sports betting has been maligned by lawmakers for its lack of competition and constitutionality concerns. It is also extremely different from how other states administer online sports betting. States like Pennsylvania and New Jersey allow multiple casinos to operate legally, forcing more competition for customers. Governor Cuomo and New York legislative leaders announced that a budget agreement has been reached but few other details are known about the details of the sports betting plan at this time. Sports betting is already technically legal in New York State, but is limited to in-person gambling at four casinos in New York State. York. Online gambling is currently not allowed anywhere in New York. See ta Also: Gonzaga basketball star Jalen Suggs’ decision to pass him a soccer scholarship could end up earning him millions. Online betting is where the majority of bets are placed in states that offer both forms of betting. For example, more than 90% of all bets in neighboring New Jersey are made online. New York would be by far the most populous state to offer online sports betting. A recent report indicated that approximately 20% of New Jersey sports betting comes from New York City. Sports betting stocks had only a slight movement during the trading session on Tuesday. DraftKings DKNG, + 1.87% up 1.8%, Penn National Gaming PENN, -2.57% down 2.5%, Caesars Entertainment CZR, + 2.57% up 2.5% up 5.5%, MGM Resorts MGM, -0.43% down 0.4%. Roundhill Sports Betting & iGaming’s BETZ ETF, + 0.56%, a tier-weighted index of global sports betting and iGaming companies, was up 0.5% during trading Tuesday.