Celebrating the two-year milestone of mobile sports wagering in New York, Governor Kathy Hochul declared that the state has amassed over $862 million in tax revenue from sports bets. The cumulative revenue over the two years exceeds $1.55 billion, with the funds earmarked for education, youth sports programs, and efforts to prevent and treat problem gambling.
Despite New York securing the third position in overall handle among states in just two years, Assemblymember Gary Pretlow and Senator Joseph P. Addabbo Jr. are pushing for additional betting options. They are championing the cause of fixed-odds horse betting and self-service sports betting kiosks, particularly at professional stadiums, arenas, and off-track betting sites.
Pretlow and Addabbo, instrumental in legalizing online sports betting in New York, are making their third attempt to pass legislation (bills S2343 and A3562) to expand betting offerings. The proposed bills aim to integrate fixed-odds horse betting seamlessly into the existing sports betting framework, allowing New York's nine sportsbooks to offer fixed-odds NY horse betting wagers after partnering with the horse racing content provider, a move supported by the New York Racing Association.
The current pari-mutuel wagering system allows pre-race odds to fluctuate until the race begins, potentially altering the odds bettors initially placed their wagers on. Moreover, horse bets are currently confined to licensed tracks or specific online horse betting apps like FanDuel Racing NY.
The proposed legislation seeks to transform this landscape by authorizing fixed-odds betting via online sportsbooks, ensuring the stability of odds once a bet is placed. This expansion could enrich the diversity of betting options available to New Yorkers, promising a more predictable and reliable betting experience.
While the success of mobile sports wagering in New York is undeniable, the call for expanded betting options reflects an ongoing effort to refine and diversify the state's gambling landscape. As discussions unfold around these legislative proposals, the focus remains on balancing entertainment options and responsible gambling practices to ensure a positive and secure environment for the state's bettors.