The state of New York is preparing for the potential launch of sports betting in 2019 which could see a significant shift in the way the local gambling field is developing. While state lawmakers are preparing for the future voting of the proposed laws, major companies such as DraftKings already got their foot in the door with the partnership with del Lago Resort and Casino for the provision of its sports betting offerings once the legalization is fact.
At the time when the New York 2018/2019 budget was presented by the state’s Governor Andrew Cuomo, there was a $1.6 deficit of the amount of money intended to fund public school education. The legalization of sports betting in the state has been considered as one of the options which could help New York minimize the above-mentioned shortfall. However, instead of doing this, both recently-introduced sports betting bills seek to redirect 25% of all wagers to the US professional sports leagues.
The Daily Fantasy Sports operator is quickly making its way into the budding sports betting industry which is convincingly spreading across the states willing to explore its opportunities. Up until this point, the operator had been capitalizing on the opportunities for development which the DFS sector has on offer, but as it turns out this puts it in the favorable position to provide a sports book as well.
For the time being the operator has inked a partnership deal with Resorts Atlantic City located in New Jersey which took place before the state had even greenlighted the field. This comes to show that DraftKings is willing to work in advance and make sure the way is paved for future operation. With the help of these actions, the operator is ready to launch sports wagering activities as soon as the given state approves sports betting.
After it put down roots into the New Jersey field, now the operator is moving forward to the following potential state which could have a lot on offer as soon as next year. For the time being no additional details regarding the partnership have not been disclosed. What should be taken into account is that in the meantime FanDuel is the other major DFS operator who is set to explore the New York sports betting field, since it has entered an arrangement with Tioga Downs.
Potential of Sports Betting across the State
This is going to secure its position once next year comes, and the state is considered to become an equal competition to Nevada if not even better when it comes to sports betting revenue. According to a report recently issued by GamblingCompliance, the state is set to become the leading sports gambling field by the year 2023, followed closely by New Jersey and Pennsylvania.
As a result of this major international operators are already making their way in the said markets in order to make the most of the potential beneficial situation. The arrangement between the operator and the casino resort would see a land-based sports book available on site, in addition to online gaming offering and a mobile app available for players across the US. They are going to witness operation in the states willing to explore the activity and profit from it.
Sports betting launch on site of del Lago could prove to better the status quo of the casino resort which his struggling to make it in general. This is the venue which launched operation in February 2017 making it one of the newer locations to enter the sector. Even though prior to the beginning of operation the developer projected certain figures reflecting the expected revenue which could be generated by the venue, the reality appears to be far from the forecasts.
The casino developer has been seeking ways in which it could boost its performance and one of the proposed measures was with the help of reduced taxes which are mandatory for the field. As a response to this proposal, the authorities expressed their disagreement, since the taxes are equal to all casino developers on a state level. Among the reasons for the unfortunate delay in sports betting legalization in New York came as a result of Oneida Indian Nation’s disapproval of the way the field is taking shape.
There is a designated exclusivity zone which belongs to the Oneida Nation and according to them the introduction of sports wagering to other locations such as kiosks or online-based betting will significantly interfere with the previously established Nation-State Settlement Agreement. Next year would see voting on the proposed sports betting bill once the next legislative session commences in the first months of 2019.
