NY Officials Renew Efforts for Fixed-Odds Horse Betting

In New York, lawmakers Assemblyman Gary Pretlow and Senator Joe Addabbo are forging ahead with renewed vigor to revolutionize sports betting in the state as they usher in the new year. Their focus is on introducing legislation to legalize fixed-odds horse betting and enabling the installation of self-service sports betting kiosks in various locations, including professional stadiums, arenas, and off-track betting venues.

This isn’t the first time Pretlow and Addabbo have spearheaded such initiatives; it’s actually their third attempt at navigating these laws through the legislative process, following previous efforts that stalled in committees. Notably, these legislators have been pivotal in advocating for online sports betting, which has been thriving in New York since its inception in January 2022.

The bills in question, S2343 and A3562, aim to fundamentally transform the horse betting scene in New York. In contrast to the current pari-mutuel betting system where odds shift until the race begins, fixed-odds betting would enable bettors to secure odds at the moment they place their bet, providing a more stable betting environment. This legislation would also allow mobile sportsbooks to offer fixed-odds betting.

Furthermore, the proposed legislation envisages a setup where bookmakers could work in conjunction with affiliates to establish self-service betting kiosks at their sites. These affiliates could include a range of venues such as off-track betting locations, professional sports stadiums or arenas, auto racing facilities that host NASCAR events, and thoroughbred racing venues.

Senator Addabbo, defending the bill, underscores its potential to generate significant tax revenue for New York, drawing parallels to the success of online sports betting. He views these expansions as avenues for the state to maximize financial benefits.

The New York Racing Association has expressed support for this proposal. According to Pat McKenna, a spokesperson for the association, integrating horse racing with mobile sports betting could significantly boost the sport in New York, attracting new fans, enhancing the industry’s economic footprint, and potentially contributing over $1 billion in additional gaming revenue to the state.

In addition to sports betting, Senator Addabbo is also keen on legalizing online casinos in New York. He suggests this as a solution to the state’s reported $4.3 billion budget deficit, favoring it over raising taxes, particularly in an election year. A study by VIXIO GamblingCompliance indicates that legalizing online gambling could yield approximately $428 million annually in tax revenue for New York, by bringing games like online roulette and blackjack to residents.

These legislative endeavors are part of a wider push to expand and modernize gambling in New York. This trend reflects a growing inclination towards embracing digital and diverse betting options, aiming to increase state revenue and enhance the entertainment options for New Yorkers.

For more information about these legislative efforts and the potential impact on New York’s betting landscape, you can visit the official New York State Legislature website for detailed bill information. To understand the current state of online sports betting in New York, the New York State Gaming Commission’s website provides comprehensive insights. For perspectives on the economic and societal impacts of these changes, reports and studies from organizations like VIXIO GamblingCompliance offer valuable analysis.