Before anything about regulated online sports gambling in New York State is considered, the Spectrum Gaming Group was tasked by the New York State Gaming Commission (NYSGC) to carry out a study and report back to the regulator. Even though Spectrum was permitted to start conducting the study back in November 2019, nothing has been reported yet.
Come Monday, the NYSGC announced that Spectrum Gaming would be given more time to complete its study and blamed the Coronavirus for the delays, even though Spectrum has already had more than enough time. One year has already passed since the sports betting debate was first ignited by lawmakers, yet there are still no signs of fruition.
As we speak, 18 states have already set up shop for regulated sports betting, and many more are gearing up to join the bandwagon of reaping tax returns from regulating the activity, especially as a measure of recovering the lost revenue due to the pandemic.
As New York continues to lag behind, its neighbor New Jersey legalized sports gambling, and last year alone, the Garden State’s gambling market peaked at $4.5 billion. Interestingly enough, New Jersey’s market is also fueled by New Yorkers who cross state lines just to quench the thirst of betting on sports. From The Garden State’s robust gambling market, the bookies accrued about $300 million in revenue while the state raked in a cool 36 million in taxes in 2019. This year, however, the COVID-19 crisis slowed things down.
All the while, New York is still lagging behind 2 years since the US Supreme Court repealed PASPA. New York Governor Andrew Cuomo has, however, stressed that they’ll require a constitutional amendment for the state to legalize betting on sports, an opinion that many legal experts have debunked. This in fact has raised questions of whether the governor could be opposed to the regulation of sports betting in the first place!