With release of draft regulations earlier today from the New York State Gaming Commission, sports betting is one step closer to becoming a reality. This begins a 60 day comment period prior to the guidelines being officially adopted. The comment period could be extended another 30 days should any substantial changes be required.
This follows a United States Supreme Court decision last year that struck down the federal ban on sports betting, allowing states to decide for themselves to allow it. With the draft regulations released, sports betting is one step closer to becoming a reality here in New York State, said Assemblyman Angelo Santabarbara, who is a member of the New York State Assemblys Racing & Wagering Committee. Over the years the law has not stopped sports betting, instead it has created a 150 billion dollar industry that operates online, underground and offshore, Santabarbara added. Allowing sports betting in our upstate casinos brings sports betting out of the shadows and at a benefit to the taxpayers. It levels the playing field so we can create a responsible market for sports betting in a safe regulated manner.
According to a fiscal study done on this legislation, between $10 million and $30 million would be generated annually to New York State. Upstate New York is home to four gaming resorts, including Rivers Casino here in Schenectady that would benefit immensely from legalized sports betting, giving our region another boost, Santabarbara said. The additional revenue to the state makes it a win-win.