commit 0e8274f7d05e66c1f3fadb31c4fb2cca30d6c797 Author: rooseveltono90 Date: Tue Apr 14 17:16:30 2026 +0000 Add 'NEW YORK CITY STATE OF MIND' diff --git a/NEW-YORK-CITY-STATE-OF-MIND.md b/NEW-YORK-CITY-STATE-OF-MIND.md new file mode 100644 index 0000000..48a4a86 --- /dev/null +++ b/NEW-YORK-CITY-STATE-OF-MIND.md @@ -0,0 +1,10 @@ +
Euphoria, then discouragement welcome [Andrew Cuomo's](https://gitea.metacomplex.ca/tamaray892060) accept of sports wagering. By David McKee
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There's absolutely nothing like a budgetary dose of Covid-19 for some political leaders to have a come-to-Jesus moment about betting. In the case of New York State Gov. Andrew Cuomo, there has actually been a significant volte-face on the concern of [online sports](https://gitea.metacomplex.ca/tamaray892060) betting. While sports betting exists in New York, it is just on a small, in-person basis. Cuomo has actually long opposed mobile wagering on the grounds that it would require a constitutional amendment. No longer. Now Cuomo says it just takes the Legislature's say-so, as he tries to find ways to plug Coronavirus-caused gaps in the Empire State budget. ([Cuomo's](https://gitea.metacomplex.ca/tamaray892060) even floated the legalization of cannabis.)
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In a declaration revealing his modification of heart, Cuomo composed, "At a time when New york city deals with a historic budget plan deficit due to the ... pandemic, the existing online sports betting structure incentivizes a big sector of New york city locals to take a trip out of state to make online sports wagers or continue to patronize black markets ... New york city has the potential to be the biggest sports wagering market in the United States, and by legalizing online sports wagering we aim to keep countless dollars in tax earnings here at home, which will just enhance our ability to rebuild from the COVID-19 crisis." How numerous millions? $72 million by a conservative price quote.
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New York could likewise claw back the 20 percent of New [Jersey's sports-betting](https://gitea.metacomplex.ca/tamaray892060) [service](https://gitea.metacomplex.ca/tamaray892060) that comes through the Holland Tunnel. That's $837 million in deal with right there, in what could be a multi-billion-dollar market. JP Morgan analyst Daniel Politzer [envisions online](https://gitea.metacomplex.ca/tamaray892060) sports wagering concerning market in 2023 and New York amassing $1.25 billion in revenue (not handle) within 2 years. (This assumes beneficial tax rates and regulations, hardly a provided.)
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Cuomo would combine OSB service providers to existing gambling establishments. FanDuel, DraftKings, FoxBet, bet365 and Bet Rivers already have boots on the ground. BetMGM and Twin Spires could get into the act if Cuomo's meaning of [gambling establishments](https://gitea.metacomplex.ca/tamaray892060) is expanded to consist of racinos. Caesars Entertainment may also participate, as it is believed to have an arrangement with the Seneca Nation's Turning Stone casino. DraftKings, meanwhile, can utilize its relationships with the New York Giants (football), New york city Rangers (hockey), New York Knicks (basketball) and Madison Square Garden to develop market share.
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Getting [Cuomo's](https://gitea.metacomplex.ca/tamaray892060) wish passed in Albany is not a slam-dunk. The Legislature has actually been recalcitrant towards gaming growth in current sessions, in part due to the of upstate casinos to meet their income forecasts. Whether Native American tribes have exclusivity will almost definitely be litigated. However, making a transform of [Cuomo prevails](https://gitea.metacomplex.ca/tamaray892060) over the hurdle that has actually stymied mobile sports wagering in the past. Still, sports [wagering stocks](https://gitea.metacomplex.ca/tamaray892060) sold down on the news, generally due to the fact that Cuomo desires the state lottery game to administer OSB.
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"I'm not here to make casinos a lot of cash. I'm here to raise funds for the state. So we have a various model," the guv groused. "The ramification being there would be a high tax rate, and that the traditional B2C operators possibly would not have the ability to go into the marketplace," wrote Credit Suisse expert Ben Chaiken.
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Also, Cuomo's official request for proposals would just apply to four [commercial](https://gitea.metacomplex.ca/tamaray892060) casinos, putting the three tribal ones on the outdoors looking in. "We translate this as there being a single operator dealing with the state (probably at an elevated tax rate), as we have seen with [DraftKings] in New Hampshire (50% tax)," Chaiken described. If so, that would leave DraftKings, FanDuel, bet365 and Bet Rivers vying for one, comprehensive license. Another major gamer that could attempt to elbow its method is Penn National Gaming's Barstool Sports, which might discover either the Oneida or St. Regis Mohawk tribes responsive.
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All of this leaves Cuomo in the catbird seat. As major OSB operators play musical chairs, knowing that just one will be seated when the music stops, the sky's the limitation on what they will have to be prepared to offer.
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* Originally composed February 2021 *
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