In the midst of Football Season, New York football fans despair as the state will not offer sports betting this season. New York is still in the legislative process and it will take another two months before casinos can launch sportsbooks.
Earlier, in June, the 2018 legislative session concluded with no law for NY sports betting and online poker.
Even though the casino referendum in 2013 allowed sports betting in the state. The state officials need to regulate the activity.
The State Gaming Commission in NY is to release the said regulations for sports betting in September for physical locations. Once released, any new regulation goes through a mandatory 60-day test period. That’s state policy.
Only then can casinos begin offering sports betting to NY citizens. Even if we assume that they are ready and waiting to launch on the day, they will still miss most of the season.
NY Sports betting is a much needed revenue source
New York casinos are struggling to keep up the pace of the northeast market. There are four commercial casinos operating in the state and two of them are experiencing severe financial difficulties.
In March 2018, del Lago’s casino requested financial bailout from the state. The casino’s plea was declined by Gov. Andrew. Later in July del Lago’s requested help once more, indicating that they are desperate to stay in business.
The newest NY casino – Resorts World Catskills is already reporting losses. The property reported a loss of $37 million in Q2, 2018.
NY sports betting is a vital revenue source. It may be so that New York casinos are entirely dependent on sports betting to pull them out of the mud.
New Jersey and Delaware already offer sports betting. Casino Meadowlands Racetrack, which is just across the bridge for many NY citizens is literally syphoning players from the blocked state.
Their FanDuel sportsbook is very successfully in utilizing the opportunity and it’s location to drive in players from both states. FanDuel reported fantastic results in July even though the lack of sport events in the month caused all other competitors to plummet.
The Jets are already looking for deals in NJ
Some NY football teams are looking to get into sports betting even at the cost of making deals in another state.
Both New York teams already play their home games in New Jersey. The MetLife stadium, which serves both the Giants and the Jets is located across the bridge.
With so much money going in sports betting, it’s no wonder that one of the teams is looking around the neighbourhood for a casino sponsor.
The Jets are meeting with FanDuel Sports at the Meadowlands Racetrack casino about potential partnership. The football team is also talking to a dozen other casinos, but Meadowlands’ location and the recent success of FanDuel makes them the most probable winner.
Dallas Cowboys already formed a deal with WinStar World Casino. The Jets are not looking to miss this goldmine. Rumours indicate the Jets receiving up to $1 million from sponsorships.
The Giants which share MetLife stadium with the Jets have not yet released if they are also looking for a sportsbook partners in NJ. However, we cannot blame either team if they do indeed close a deal with the Garden State.
NY Sports Betting Legislation Getting A Lot Of Pressure Thanks To New Jersey
New York states hopefully recognizes the importance of sports betting in the gambling industry. Although late for football season, the state works to push legislation for sports betting as soon as possible before this opportunity is completely lost to New Jersey.
In just two months, NJ sportsbooks accepted $55 million in bets and wagers for sports excluding football. Should NY teams find a casino partner in the garden state, these numbers will skyrocket.