With the collision of two contrasting factions, namely those of organized sport and passionate supporters of the game, many of the country’s professional sporting events are experiencing unprecedented growth both as a direct consequence and the direct result of sport betting. In the case of New York State, this growth has manifested itself not only in the relative increase of major-league baseball and basketball teams, but also in the sudden boom of cricket and softball. With the collision of two competing factions, much more is expected from the sports betting market in New York. As the New York State Assembly gears up to take up debate on a bill that would legalize sports betting in the state, various factions are preparing for battle. And the latest development in this cross-union battle may offer a significant turning point for New York’s sports betting scene…
On March 8th, Governor Andrew M. Cuomo announced that he had signed into law a bill that would make sports betting legal in New York. The new law, which goes into effect in late July, would allow any person who satisfies a simple set of requirements to place wagers on any game taking place in New York State. As is typical of other states in which sports betting is legal, no licenses are required to participate in this exhilarating pastime. However, the New York State Department of Financial Services has deemed the signing of the new law a “top priority.” The purpose of this action, according to New York City comptroller Scott M. Mulhern, who is responsible for implementing the law, is to “create a uniform standard across the state” so that all bookies will share the same “transactions” in the sportsbook transactions.
According to the comptroller, the “uniformity” should eliminate the possibility of differences in services among bookies. This new law is a major step towards legalizing online sportsbooks in the Empire State. The previous barrier of ensuring legal bookies was the lack of financial liquidity. In order to assure bettors of winnings, New York State officials believe that all licensed bookies will now participate in a “promotion” that will require them to post a small loss percentage on all bets placed during the specific time frame in which the win occurs.
If you live in New York, and if you enjoy playing sports betting, you may want to take advantage of what the Empire State is trying to accomplish. The “promotion” is not yet offered to all sports betting providers, but it’s anticipated that it will be. If you live in New York, you may want to get in touch with your favorite sports betting service in order to find out when they plan to offer the promotion. If you have found a sports betting service in New York that you trust, and that you feel will meet the Empire State’s requirements, then you may want to call them and ask when the promotion will take place.
If you are looking for an easier way of going about legalized sports gambling in New York, then you may want to consider betting games. One type of games that are legal in New York include football games, basketball games, baseball games, and other games that can be played at designated sports betting pubs. Unlike the “promotion” that will take place within the Empire State, these types of games are not yet available throughout the entire state.
If you live in New York and are interested in participating in gaming, you may also want to check out the new laws that have recently been put into effect regarding wagering on New York City casinos. Although New York State has long had some of the most restrictive laws on gambling within the nation, in recent years the legislature has allowed for more flexible choices within the New York State framework. Now, anyone can open a New York casino, so long as that person is registered as a “qualified customer.” Those who have been registered as customers for a minimum of five years have their licenses now approved to operate a New York casino. While this doesn’t mean that everyone can start gambling in New York, it does mean that anyone is available to open a casino in New York City, including legally registered New Yorkers.
The first legal sports betting game to be offered in New York City was the “Mix” system. This game was created by the New York State gaming commission in order to create a situation where legal gambling could take place on New York City land. The commission managed to create a “mix” of sports book odds, which were based on the strength of each team, to help draw in players from all walks of life. Since its introduction, over two hundred different gaming houses have signed onto the mix system, and many more are considering the opportunity. Because this new development is still relatively new to the New York sports scene, there is still some debate over whether or not the mixed system has generated a substantial amount of revenue for the New York gaming commission.
While the tax rate is one of the only issues currently being debated when it comes to legalized sports betting, New York State did recently take an important step in removing the corporate taxes that companies in New York City pay on the books they sell. Because the gaming commission did not set the books free from taxation, this move by the New York State legislature actually allows each individual house to set their own taxes on the books. Therefore, if a company likes to collect fifty percent of their revenue from the books that they sell, and another fifty percent from individuals who gamble on the house’s cards, then that company will be able to keep fifty percent of the gross gaming revenues. While this isn’t a major issue right now, it could become one in the near future if a gaming commission is not able to convince the New York legislature to set the books free from taxation.