New York misses deadline for Sports Betting proposal
Last Updated on by James King
It has been revealed that the New York State Gambling Commission has missed the deadline for its request for proposal in connection with inviting bidders to operate mobile online sports betting.
The original deadline was 1 July, with the measure being included in the 2021/22 fiscal spending plan for the state, following the passing of the bill in April by lawmakers.
Because of this delay, it is going to be especially difficult for operators to offer their services in the state by the time the next Superbowl comes around, with this being one of the most lucrative sporting events on the calendar.
State Senator Joseph Addabbo, the chairman of the Senate Racing, Gaming and Wagering Committee, prioritised this as the number one goal. This latest setback is likely to prove problematic, particularly for the planned financial goals.
Quoted by Yahoo News, he made his stance on this very clear: “The fact that our state couldn’t meet its initial mobile sports betting deadline to take a positive step towards recognizing additional educational and anti-addiction funding is disappointing,” Addabbo, Jr. told stated.
“I remain confident that in the end, New York will have a premier, top-shelf mobile sports betting product to offer its residents and effectively compete in the market.”
At the minute, sports betting is only offered at commercial casinos located further upstate, while three tribal casinos also offer this.
What now for New York?
No doubt it is likely going to be a case of ‘watch this space’ in terms of what happens next and where this leaves the state from a progress standpoint.
Originally, there was substantial opposition to the online gambling bill in New York, none more as high profile as State Governor Andrew Cuomo, who changed his stance one year ago in light of the COVID-19 pandemic and the adverse financial effects this had on state revenue.
It is likely to be back to the negotiating table for all parties concerned to see if a compromise can be made. Following the submission of proposals, which has a 30-day deadline, the relevant Gaming Commission has 150 days to award respective licenses.
The hiccup for New York was that there was still the issue of the mobile language to be agreed upon, with this causing delays, and as a result, it meant that the deadline was missed.
Great potential for operators
It was understood that New York presented a significant opportunity for operators to make their mark in a state where there was a lot of opportunity, demand, and also a substantial amount of disposable income available.
Home to Wall Street, one of the most prestigious financial districts in the world and hedge fund managers and investment bankers, whose occupation essentially is gambling by its very nature, was identified as a major opportunity matrix for operators from a revenue perspective.
Although there is no definitive clarity over what might happen next, it could be that the state has to wait another year before online sports betting is offered.