New York Gov. thumbs his nose at casinos and racing

[The Exporter]

Today, Gov. Coumo said he would work with the legislator to legalize on line sports wagering. His version will not include casinos or racetracks. He said it would run though the state Lottery and the state would keep all the proceeds. Coumo continued his focus was to raise money for the state and not the casinos., unlike NJ were they handle billions and the state gets zip.
 A completely different attitude when sports betting was legalized for land based casinos a few years ago. So, bottom line, the state will be poaching the pool of gamblers and leaving casinos and racing in their wake.

[comeonman]

Lol state of nj making millions on sports betting at meadowlands

[slivercharm]

PENN will hit $100 soon 

[PIGLAND]

cuomo smoking

[SAW]

unlike NJ were they handle billions and the state gets zip.
 

NJ has very high tax rate on sports betting.........

Basically 9.25% of Gross revenue if wagered on site and 14.25% of all online wagers, also I believe Oceanport and East Rutherford get 0.75%


Gross revenue from casino sports pool operations, including mobile operations is subject to an 8.5% annual tax, which shall be paid to the Casino Revenue Fund. Additionally, an investment alternative tax of 1.25% will be used exclusively for tourism and marketing programs for the City of Atlantic City.
Gross revenue from casino online sports pool operations is subject to a 13% annual tax, which shall be paid to the Casino Revenue Fund. Additionally, an investment alternative tax of 1.25% will be used exclusively for tourism and marketing programs for the City of Atlantic City.
Gross revenue from racetrack sports pool operations, including mobile operations, is subject to an 8.5% annual tax, which shall be paid to the State General Fund. An additional 1.25% tax on such revenue shall be paid to the Division of Local Government Services in the Department of Community Affairs for distribution, upon application by a municipality or county, to the municipality and to the county in which the sports wagering lounge is located or to an economic development authority of that municipality and county.
Gross revenue from racetrack online sports pool operations is subject to a 13% annual tax, which shall be paid to the State General Fund. An additional 1.25% tax on such revenue shall be paid to the Division of Local Government Services in the Department of Community Affairs for distribution, upon application by a municipality or county, to the municipality and to the county in which the sports wagering lounge is located or to an economic development authority of that municipality and county.

[HornbyDuke]

Today, Gov. Coumo said he would work with the legislator to legalize on line sports wagering. His version will not include casinos or racetracks. He said it would run though the state Lottery and the state would keep all the proceeds. Coumo continued his focus was to raise money for the state and not the casinos., unlike NJ were they handle billions and the state gets zip.
 A completely different attitude when sports betting was legalized for land based casinos a few years ago. So, bottom line, the state will be poaching the pool of gamblers and leaving casinos and racing in their wake.

I didn't see this; my attention has been elsewhere. Wouldn't totally surprise me in this time of high need for revenue to keep funding truly essential operations (read nonracing casino   ) is being sought.

However, traditionally governors proposed legislation is just starting point. If the past is any indicator, this would just be a jumping off point - state would want a negotiating base that allowed for some  give and take.

Also, pretty likely now, presuming no hard coup by right wing  insurectionists in next 2 wks,  that federal govt will revisit state and local aid now that Democrats control legislative action if not the physical Congress itself. This, was unexpected control of lawmaking as  of yesterday. The proposal would have been crafted in that financial reality mindset not todays. Pretty big change for ny state in past 24 hrs and chuck Schumacher is not likely to be shorted at the table.

Hard to believe state lottery capable of handling issues that would arise in administration of online sports book. Usually requires experts - and likely place for administration is casinos, otbs , racetracks.

I'd be nervous, but this more likely to change than survive as Gov suggested today.

[The Exporter]

Very reasonable synopsis, Duke. I just heard the State Office of Budget Chairman on the radio, pitching their mobile sports betting plan. If they go with casinos operating the program. the state projects $50 million annual for government. If they go with the State Lottery direct plan, the state proposes $500 million , their end. At the same time, they are pitching their legal weed bill. At this moment, tying these two together gives them all the support they need as the weed bill gives them the leverage.
 Me personally I could not give a hoot less, if either bill passes or fails. What I do care is the focus and tone of this legislation shuns casinos and by default, racing.     

[HornbyDuke]

Exporter - I agree. In NY st, even if bill doesn't survive as now being proposed by executive branch; still an ominous marker for where all this is going longterm (and possibly even short-term). It should be disconcerting to racing interests. I gather  from past comments here by many not news to most but still an actual representation of what's been feared by those with equine interests.

[The Exporter]

In my eyes, guys, the templet is here now. Almost every racing venue is beating their chests about their significant raise in handle. Taken into fact almost every track is closed to live patrons, this increase is almost exclusively of track. Why? Obviously the pandemic is forcing people to get their gambling fix on line. I give credit to those tracks that have positioned themselves to maximize the market advantages but, lets not be delusional. The market was created desire not content.
 So, when more content is available, like NYS sports wagering on line, there will be a huge softening of the horse racing market. Much like what racing experienced with casinos.
 

[augustaandy]

Today, Gov. Coumo said he would work with the legislator to legalize on line sports wagering. His version will not include casinos or racetracks. He said it would run though the state Lottery and the state would keep all the proceeds. Coumo continued his focus was to raise money for the state and not the casinos., unlike NJ were they handle billions and the state gets zip.
 A completely different attitude when sports betting was legalized for land based casinos a few years ago. So, bottom line, the state will be poaching the pool of gamblers and leaving casinos and racing in their wake.

Not all details have been made public. Cuomo said he’s looking to select a single platform to partner with one of the state’s existing casinos. His plan sets off a horse race between technology providers like Scientific Games Corp. and International Game Technology Plc looking to compete for the license.

https://finance.yahoo.com/news/cuomo-seeks-legalize-mobile-sports-202105138.html

[slivercharm]

PENN will hit $100 soon 

$200 soon

[FirstUpFrom8Hole]

Between the revenue from the proposed sports betting and the billions joe is about to send to bail his fiscally irresponsible ass out, andy is looking pretty flush. And yet in 2 years he will invariably be deep in the red again

[horses first]

Charm a lot of call buying in DKNG should be trading over 70 next week new highs coming tomorrow at the earliest. AZ looking to vote next week on sports wagering themselves. Soon betting and smoking weed will be 24/7 all access.