New York State is on the verge of its gaming revolution, as earlier this year Governor Andrew Cuomo and the local legislature announced the official introduction of mobile sports betting. And the president of the New York Racing Association Bets Tony Allevato believes this gambling expansion can significantly benefit the horse racing industry in the state.
This might be the last of the Belmont Stakes before the official introduction of online sports betting in the state. The legislation was formally included in the government’s budget plan in April and many predict that it can be introduced before the next Super Bowl. However, the state must first conduct a bidding process for the two platform providers.
Huge Market Possibilities
Mr. Allevato claimed that the upcoming mobile sports betting platform is the best growth possibility for the state’s live harness racing in the last 50 years. He explained that local tracks can welcome the change as either a threat or as a potential opportunity, he continued by saying that the industry must take advantage of the gaming change and use it as a way of attracting new crowds to the sport.
At the time remains unclear whether NYRA Bets will be applying for a mobile sports betting operator license at the providers once the platform debuts in the state. Mr. Allevato stated that the company must find a way to adopt the change, and believes that it must find the right deal which will ensure that tracks and horsemen are not negatively affected by the gaming introduction.
Official Partners
At the end of May, NYRA Bets inked an official partnership deal with the prominent gaming corporation BetMGM. The New York-based online platform will be the first horse racing partner to the uprising gaming company. Clients of the corporation will be able to enjoy Thoroughbred, Harness, and Quarter Horse betting opportunities from more the 200 tracks from around the world.
New York’s Sports Wagering
Sports betting was officially introduced in New York only two years ago in July 2019 and it is available in the state’s four commercial casino properties. And recently the New York Gaming Commission has released information on how the state has performed in terms of sports betting handle. The Empire State ranks 16th among the total of 20 states that officially regulate sportsbooks.
Since the introduction of sports betting the NYS four sportsbook have averaged less than US$13.6 million per month in handle. That is why gaming industry experts started questioning Governor Cuomo’s projected US$500 million in tax revenue once the platform reaches its peak performance. However, this is heavily dependent on how much tax revenue will be set for all involved operators.
Pole-Position
The state’s gaming commission must first determine the two platform provider positions. DraftKings has emerged as one of the favorites for the first slot, as the company already has a major grasp on the state’s gaming market. In addition to that, the corporation enjoys a great relationship with the local tribal nations, as it already operates a sportsbook at del Lago Casino & Resort.
Source: Rybaltowski, Matt “Race Fans May Be Able To Wager Online At New York’s Belmont Next Year”, Sports Handle, June 11, 2021
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