Casino News

New York Racetrack Casinos Want Piece of the Sports Betting Pie Too

New York would soon be able to welcome sports betting operation in a regulated manner that is projected to bring substantial gaming revenue for fueling future projects. The New York Gaming Association recently made it clear it is among the supporters of sports wagering, but as of now gaming locations at racetracks appear to be excluded from the budding field action.

Wagering on sports events is a budding field across the United States, as about a year ago the Supreme Court overrules PASPA. This allowed every stated to come up with its own regulation of the future field and make sure that it is a mutually beneficial relationship. Ever since then many of the states have been working on perfecting that and New York is one of them.

Racetracks Casinos Want In on Sports Wagering

Up until now, the conversation has been revolving around the four Upstate New York land-based casino venues and the tribal operation within the state. As of recently, the group including the management of casino halls at racetracks has joined the conversation, striving to make a change. Aqueduct Racetrack and Finger Lakes Gaming and Racetrack casino management among others pointed out that inclusion should be visible throughout the field.

They expressed their position that sports wagering would be beneficial for the gaming field and the local economy, but gaming venues located on racetracks should also have the chance to enter the budding field. As of this moment, Senator Joseph Addabbo and Assemblyman Gary Pretlow are the two officials that have filed sports betting regulation language. According to the group, this legislation is restrictive to the future field.

The currently existing proposed bills appear to exclude gaming venues located on racetracks and prevent them from entering the race. The New York Gaming Association pointed out that they would want to have a slice of the potentially prosperous field in the foreseeable future. The group introduced its position in a special letter addressing the issue to Mr. Addabbo.

Online Sports Betting Still a Hot Topic

Commercial casino venues and tribal ones should not be the sole locations where sports wagering is available for New Yorkers. This is the racetrack gaming halls management’s position expressed in the letter and they would seek a change ahead of sports wagering launch in New York. Michael Kane, President of the New York Gaming Association, pointed out that the group sought a more diplomatic approach.

Back in 2013, the organization protested previously announced plans for as many as seven gaming venues. They had the capacity to cannibalize the field and oversaturate it. Gov. Andrew Cuomo was a supporter of the move at the time. A topic of wide discussion at the moment is the potential mobile sports wagering available in New York, that still appears to be a harder task to accomplish.

Resorts World Catskills, Rivers Casino and Resort Schenectady, del Lago Resort and Casino, and Tioga Downs would feature land-based sports wagering solely. Local lawmakers have little time left before they would have to give a green light to the field with or without online sports betting. It is clear that the gaming revenue would drop to US$48.3 million a year if players could bet in real life only. For reference, more than US$1 billion is projected from both online and offline wagering.