Gambling in New York Continuing to be Popular

If you want to open a downstate casino in New York, then it’s going to be a costly affair. The minimum licensing fee is going to be at least $1 billion according to the 2022/23 state budget proposal.

The plan is for the number of facilities per zone to be limited. Parameters will also be specified for application scoring. This will include a diversity category with the aim being to “ensure that jobs and casino ownership are reflective of New York’s diverse workforce.”

There had been interest shown last year in opening three casinos in the state The New York Gaming Commission therefore made a request for information on what would be needed re areas such as the award process and the cost of licences.

State law says that the regulator can pursue developing three downstate casinos in New York. Whereas former Governor Andrew Cuomo hadn’t been so keen on legalizing sports betting, he had pushed for new casinos. This would see jobs created and a reduction in unemployment levels in disadvantaged areas.

Those interested in opening a casino in the state are believed to be Bally’s, Las Vegas Sands, Resorts World, MGM Resorts, Tiger Resort, Leisure and Entertainment (operating as Okada Manila) and UE Resorts. There is also talk of introducing some online casinos.

It’s already been a big year for New York with the opening of several mobile sportsbooks. The Senate has now advanced a proposal to “permit additional applicants to apply” for mobile sports wagering licenses.

The hope is that there will be at least 14 operators by the end of January next year and no less than 16 the following year.

January saw $1.7 billion wagered on sports betting. That figure fell slightly to $1.53 billion last month. That’s a drop of 12 per cent but it was still a busy month. Online sportsbooks took an average of $54.6 million in bets and of course it was only a 28-day month. That daily figure can be compared to the $69.6 million in the 24 days sportsbooks were operating in during January.

Mike Mazzeo is the lead analyst for PlayNY. He said that the “mild pullback won’t last long.” The upcoming NCAA tournament will help boost the figures. It’s the nation’s “largest sports betting holiday,” says Mazzeo and “a huge customer acquisition opportunity for sportsbooks.”

To date, sportsbooks have generated a total of $206.5 million in gross revenue from $3.2 billion in wagers. That figure is more than all but eight US states managed throughout 2021.