According to the latest reports, the New York sports betting handle increased to $1.8 billion in September, a 25 percent improvement from August. However, it was lower by 2.3 percent year over year. In addition, the gross gaming revenue dropped 3.7 percent to $159.4 million compared to the same month last year.
The latest gambling news reports show that the four available casino licenses remain subject to ongoing lobbying and argumentation. Although the selection of licensees is still in the future, several prominent organizations and individuals have already presented their proposals.
Locals are looking closely at the proposed $3 billion Coney Island project, which is being advanced by a consortium that includes Thor Equities and Saratoga Holdings. Meanwhile, many were surprised that a plan to build close to the Mets stadium did not receive enough approval.
New York Sports Betting Handle
A lot has changed in the gaming sector in New York since the beginning of the new century. In 2001, in the wake of the 9/11 attacks, the state legalized several tribal casinos. It also gave racetracks the green light to build and deploy video lottery terminals, giving rise to racinos.
The state voted 2013 to open the sector to casinos like the ones in Las Vegas. Online sports betting was regulated in 2022, following its legalization in April 2021. As of right now, there is no oversight of Internet casinos. Players seeking the ease of internet gambling must seek out casinos located outside of their state.
According to sports betting tutorials and news sources, you may play at crypto casinos from any country, and you can wager anonymously. Gamers can use any cryptocurrency they choose for deposits and withdrawals rather than only USD.
Supporters of online casino regulation in the state refer to the money that may be collected in taxes as an argument in their favor. One example is New Jersey’s internet casinos’ almost $30 million monthly tax revenue. Legalizing internet casinos, say its detractors, would eat into the profits of brick-and-mortar casinos, which are now seeing explosive growth.
New Casinos in New York
New York is planning to open several casinos soon. New Las Vegas-style casinos might get permits from the state’s residents. Numerous organizations have proposed casino proposals to secure one of the highly sought-after licenses.
A consortium including Thor Equities, Legends Hospitality Group, Saratoga Casino Holdings, and the Chickasaw Nation has proposed a casino resort on Coney Island worth $3 billion. The resort would include a casino, meeting space, and hotel. People in the neighborhood aren’t happy with it, and the local community board said no to the proposal.
The current Mets owner, Steve Cohen, has proposed a $8 billion project with Hard Rock International to construct a hotel, concert hall, and casino adjacent to the existing Mets stadium. However, categorizing the park area would require state approval, which is an obstacle to this idea. The rezoning was supposed to be funded by Gov. Kathy Hochul’s 2025 budget, but she has since publicly said that she would not utilize that money for that reason.
Even if Huchel did not take a stand in favor of Cohen and his group on this occasion, she will likely back a known large donor. But the form that such backing takes is still up in the air.
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