Home Gambling Industry Sports betting kiosks, online horserace betting will come to New York if new bill is approved

Sports betting kiosks, online horserace betting will come to New York if new bill is approved

17 Feb 2022
3 min. read

Horse Racing
The New York Senate is currently considering a bill that would allow the state to offer online betting on horse racing. It would also allow the placement of sports betting kiosks in New York's stadiums and arenas.

Senator Joseph P. Addabbo Jr. sponsored Bill S7536A, which will authorize nine qualified operators to accept horse racing bets via their mobile apps. The bill also allows sports betting operators the opportunity to work with select affiliates to provide self-service betting kiosks on their premises. However, the bill stops short of detailing what qualifications would be used to determine eligibility.

Members of the Racing, Gaming and Wagering Committee voted 7-0 in favor of the bill earlier this week, according to media outlet Elite Sports New York (ESNY). The bill now goes to the Senate Finance Committee. However, it is still not on the schedule for a vote on the Senate floor.

"If someone can bet on Nets, Knicks Or Rangers, and also horse racing at Saratoga, it will give New York consumers an excellent product. I think integrating horse racing into mobile betting is a very high priority," Addabbo told ESNY this week.

The legislation, if passed, would allow state sports betting operators to place fixed odds bets on horse races through one of the nine online operators. Operators would need to enter into agreements with horse racing content providers and partner with them.

A bill would allow New York affiliates to join with a licensed sportsbook to provide self-service betting kiosks at their properties. An affiliate is any off-track betting company, professional sports arena or arena, franchised corporation, or licensed racetrack.

The bill mentions that the Aqueduct Racetrack's video-lottery terminal operator will also be able offer betting kiosks.

The sportsbooks would own, operate and maintain the kiosks. These kiosks would allow customers to place cash wagers without having to register for a sports betting account.

New York Governor Kathy Hochul says even without the numbers reported for wagers on the Superbowl on February 13, the state's new revenue stream from mobile sports betting is impressive.

The Democrat reported that, over the past month, sports wagering has brought in more than $1.98 billion in bets. Gross gaming revenue has been over $138 million since January 8 and, at a 51% tax rate, wagers brought in more than $70.6 million in tax revenue for the state.

Caesars, with $702.7 million, FanDuel and its $632 million and DraftKings at $454.4 million account for $1.79 billion of the $1.98 billion wagered by New Yorkers in the inaugural month after online sports betting launched on January 8. This represents a 90.4% market share.

BetMGM will likely compete well with the others, given its size. Additional operators, like BetRivers and WynnBET, as well as Resorts World and Bally Bet, which are still to be launched, face an uphill battle.

17 Feb 2022
3 min. read