DRAFTKINGS LAUNCHES A SPORTS BETTING OPERATION IN NEW YORK
Viktor Vangelov | Published 22 Aug 2019, 11:27 p.m.
We’ve talked about sports betting in the US on more than one occasion. If you are at least remotely familiar with the situation you probably know that quite a few states legalised sports betting in the past year. There is a lot of potential and the market will undoubtedly keep on growing in the upcoming period.
It is estimated that Americans wagered about $6 billion on this year’s Super Bowl alone and this only goes to prove how popular sports betting is. However, since betting wasn’t and still isn’t legal in a majority of US states, most of these wagers were placed illegally, with offshore operators and neither the federal government nor the individual states will collect any tax funds from these bets.
Tax revenue is one of the strongest arguments in favour of sports betting legalisation. Countries were sports betting is legal get to collect tax money, whereas countries where it is not legal don’t, despite the fact that their residents are also making wagers.
There has been some controversy regarding the Wire Act and its scope, and recently it was announced that the DOJ is going to appeal the Wire Act ruling from November 2018. With the global sports market being expected to reach $155 billion in 5 years, it is easy to see why many US states would like to be part of it.
Donovan McNabb To Place The First Wager
DraftKings is one of the two largest and most renowned daily fantasy sports providers and they have already entered numerous US states, as DFS is legal in more than few of them. DraftKings are determined to stay on top of things and keep on expanding in new states. The state of New York is the latest example of this. Namely, starting today, Del Lago Resort and Casino will be offering sports betting, courtesy of DraftKings. The launch of the new service is right on time, before the beginning of the new NFL season. Few bookmakers are already offering their services in New York, this will be the fifth operator.
The new betting venue will be quite large. The total area would be 6,000 square feet featuring a total of 23 kiosks where punters will be able to place wagers and get paid out when they win. In addition to betting services, there will be a bar and a restaurant with an opportunity to accommodate a total of 200 people. The most impressive asset is the massive LED TV (1,000 square feet).
A number of local officials, as well as representatives of Draft Kings and the casino resort will be present at the opening. Donovan McNabb, who used to play for Syracuse University, as well as a number of NFL teams in the period from 1999 to 2011 will also be present. He is even expected to place one of the first bets with the new provider.
Sports Betting Sector In NY To Continue Growing
So far, the sports betting revenue in New York has exceeded all expectations. The state has also obviously benefited from this, so it is easy to see why they are looking forward to a new operator entering the market. The bookmaker in the Lago complex will be competing against Rivers Casino, Tioga Downs, as well as a couple of gambling venues that are owned and operated by native tribes.
Other tribal casinos in New York also consider introducing sports betting.