Lawmakers hoping to maximize New York online sports betting revenues

New York sports betting
Craig Dudek

New York online sports betting is on the precipice of being launched, but state lawmakers are already planning to expand sports betting to maximize revenues for the Empire State. 

Sen. Joseph P. Addabbo Jr. has already filed a bill for the state’s upcoming legislative session this month to bring horse racing to New York online sportsbook apps, a point of action he noted would be high on his priority list for the next state budget.

Horse racing on New York sportsbook apps

Senate Bill S7536 seeks to allow the nine qualified sports betting operators the ability to take horse racing bets on their mobile apps. Addabbo has long been a proponent of preserving New York horse racing and sees this as an easy way for state sports bettors to support the industry. 

Assemblyman J. Gary Pretlow introduced an identical bill, Assembly Bill A8538, to Addabbo’s senate bill. The democrats were on the forefront of bringing online sports betting to the state in 2021. 

If passed, the legislation would state sports bettors to place a fixed-odds bet on a horse race through one of the nine online operators. The operator would have to partner and enter into an agreement with a horse racing content provider.

The bill would also allow select New York affiliates to partner with a qualified sportsbook to offer self-service betting kiosks on their premises. The bill defines an affiliate as any off-track betting corporation, professional sports stadium or arena, franchised corporation or licensed race track. The bill specifically notes the video-lottery terminal operator at Aqueduct Racetrack will be able to offer betting kiosks. 

iGaming holds promise in New York

With COVID affecting New York revenues, Addabbo Jr. said a discussion to expedite the three downstate New York casino licenses is necessary for the upcoming budget. iGaming should also be a part of New York’s future, he said.

Realizing as much revenue as possible through sports betting and iGaming will help bolster the state and support New York education. 

iGaming, or internet gaming, is a massive industry in the country. According to an American Gaming Association revenue report, iGaming revenue reached an all time high this past October, generating $357.3 million for commercial sportsbooks. 

Sports betting and iGaming accounted for 16.1% of all commercial gaming in October, according to the AGA.