Before sports betting is legal in NY regulations must be approved

Before sports betting is legal in NY regulations must be approved

July 23, 2018 8:17 AM
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(New York) New York Lawmakers wrapped up their 2018 session last month without passing regulations for sports betting but that’s not stopping casinos and sports wagering companies from lining up for a piece of the action.

Del Lago Resort announced a deal with DraftKings Inc. last week that would allow the latter company to run sports gambling at its casino in the Finger Lakes. FanDuel, meanwhile, is partnering with Tioga Downs casino in the Southern Tier.

A recent U.S. Supreme Court decision overturned the longstanding ban on sports betting in most states, clearing the way for state-based regulations. But before sports betting is legal in New York, state gambling regulators must approve regulations for casinos and lawmakers may have to pass a new law authorizing betting online.

Executives at del Lago and Tioga say the agreements with FanDuel and DraftKings, known for their fantasy sports games, are intended to ensure they’re ready when and if the state acts.

Wagering at casinos could begin later this year if the state’s Gaming Commission passes regulations. Online and mobile sports betting may have to wait for the Legislature to return in January.

New York is one of the largest revenue opportunities for future sports wagering operators and we are thrilled to partner with del Lago Resort & Casino to offer sports fans a unique and novel sports betting experience, both at a physical sportsbook and on mobile when permitted,’’ said Jason Robins, CEO and co-founder of DraftKings.