What you have to learn about New York's superior gambling


However, the two men offer completely different versions of how legalized sports betting could begin and expand across the state.

The players

Cuomo is the main player in this edition. His plan is for the New York State Gaming Commission to select a small number – one or more – of sports betting providers or "skins" through tenders. The skins would manage mobile sports betting servers in partnership with existing licensed casinos. Cuomo's plan calls for an annual government income of $ 500 million.

Addabbo's bill is more extensive and would allow sports betting kiosks in stadiums, racetracks, and off-track betting sites to send bets to online servers in licensed casinos across the state. The Addabbo bill would introduce an 8.5% tax on bets placed in person and a 12.5% ​​tax on bets placed online. It would require a $ 12 million license fee for each skin allowed to conduct mobile sports betting.

Addabbo says its plan would bring in $ 1 billion in annual sales.

Addabbo's plan in the Senate is a unitary bill with Gary Pretlow's plan in the congregation. Together, their calculations represent a common model that both chambers must take into account.

Andrew Yang's recent proposal to build a casino on Governors Island is a non-starter as the island is not designed for that.

Yes but…

Addiction is the main problem in legalizing online gambling. According to the National Center for Responsible Gambling, approximately 1% of adults in the US are addicted to gambling. Addabbo's bill is funding addiction treatment.

Underground bookmakers have moved from meeting gamblers in person to websites to make betting easier. Additionally, online sports game powerhouses such as FanDuel and DraftKings could put their weight on determining the direction online sports betting in New York is going.

State politicians are forced to find a solution due to competition from New Jersey and Pennsylvania. Nearly 20% of New Jersey sports betting revenue comes from New Yorkers crossing state lines, the governor's office said. With bets valued at $ 6 billion, the volume of sports betting in New Jersey soared last year.

New York's proposal would have to find a way to keep residents – and revenue – in the state.

Some background information

There are four Class III commercial casinos in New York State, such as those found in Las Vegas. They offer a sports betting and table games like blackjack, poker, roulette and craps. Native American tribes operate four other commercial casinos on their sovereign land near Buffalo and Niagara Falls, but the state does not receive any of these revenues.

In 2001 the state legalized gambling on racetracks, paving the way for racinos – racetracks that enable electronic table games and video slot machines. The two hinterland racinos are in Queens and Yonkers, but they're not nearly as active as commercial casinos in the neighboring states.

In 2018, the U.S. Supreme Court ruling in the Murphy v NCAA paved the way for online sports betting, which will receive national approval at its discretion. Today 14 states have legalized the practice. Once a custom reserved only for Las Vegas and Atlantic City, sports betting has been nationalized and is now mainly used on smartphones.

What's next

The future of legalized sports betting in New York will depend on budget negotiations over the next few months. A new budget must be approved by April 1, and the competing visions of Cuomo and Addabbo will find their supporters and critics among the Albany legislators.

The main difference between their visions lies in the number of skins that are given to operators for online betting. Whichever plan is chosen, legalized online sports betting could result in New York City getting one of three commercial casino licenses in the Downstate in 2023.

The dream of a casino in Manhattan dates back to Donald Trump's days when he stood up for former Governor Hugh Carey to support the legalization that would have allowed him to build one at the Grand Hyatt Hotel on 42nd Street.

But casinos need square meters and space, as Addabbo has pointed out. As a result, you are unlikely to show up in Manhattan when a comprehensive online sports betting law is enacted.

Even without a casino in Times Square, a nearby commercial casino in Queens or Yonkers could be a boon to tourism as the city tries to recover from the pandemic.