Gov. Andrew Cuomo‘s proposed New York sports betting model lacks support from two lawmakers who have pushed for online gambling in the state.
Sen. Joe Addabbo Jr. and Assemblyman Gary Pretlow released their 2021 NY online sports betting bill Thursday evening, though it looks a lot like their previous attempt.
The biggest difference is the bill calls for two skins per licensee instead of one each. There are four commercial casinos and three tribes that run casinos in New York that could offer online sports betting.
That would likely create a much more robust market in terms of handle but tax revenue could fall well short of what Cuomo expects from a lottery-style monopoly.
New York sports betting bill details
- A one-time, $12 million fee is required for anyone operating a mobile sportsbook in the state.
- Mobile sports betting revenue will be taxed at 12%. The state will set aside 5% of that tax revenue for problem gambling.
- Official league data is still required for all in-play bets. The bill also calls for a royalty fee of 0.2% of handle to be paid to sports leagues. Assuming sportsbooks hold about 5% of bets, that means about 4% of sports betting revenue to the leagues.
- Professional sports stadiums and arenas as well as off-track betting facilities can partner