Gural stands to retain a lot of transplanted New Yorker business - estimated at about 20% of all wagers - for his Meadowlands track and FanDuel and PointsBet mobile sports betting app partnerships if Cuomo’s proposal wins the day. Meanwhile, states with participation by casinos, racetracks, and other gaming partners all have made profits that provide tax revenue.
Oregon’s lottery lost money in its first year of operating a sportsbook, and several others haven’t sniffed anything near rosy projections. Jurisdictions where the lottery is the sole provider of sports betting - such as Oregon, Rhode Island, and Washington, D.C. “The state will lose a fortune if they run it themselves.” “I don’t think he understands the business model of sports betting,” said Meadowlands Racetrack operator Jeff Gural, who also runs an upstate New York casino, Tioga Downs. Tennessee, the most heavily populated of those states, only has about two-thirds the population of New Jersey and one-third that of New York State. Tennessee (which has no other legal gambling except the lottery), Delaware, New Hampshire, Oregon, Rhode Island, Montana, and Washington, D.C., also have lottery-managed sports betting. New York would not be the first to go this route - just by far the largest. The precedent for lotteries running sports betting operations The same aide said that “for bettors, it will be the same” with the lottery in charge.
(Actually, projections with casino and racetrack participation have been $100 million.) “That makes lots of money for the casinos, but it makes minimal amounts for the state.”Ī Cuomo aide then noted that neighboring New Jersey - which is often called a model with its robust, competitive sports betting marketplace - has made less than $85 million in tax revenue from it since the new gambling debuted there in mid-2018.Ī lottery-run system, the aide speculated, could bring New York State $500 million annually in taxes instead of a projected $50 million. “Many states have done sports betting, but typically they allow casinos to run their own operations,” said Cuomo. Then just past noon ET, Cuomo confirmed the published report, but with an unexpected twist: Cuomo told reporters at his press conference that he wants the state lottery to run the sports betting show. Andrew Cuomo - as adamant an opponent of legalizing mobile sports betting as there was among top elected officials - had a change of heart. gaming industry already was in a frenzy over news on Wednesday morning that New York Gov.
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