New York Prepares for Legalised Betting While Paddy Power Eyes FanDuel Purchase

New York City SkylineOne of the big ‘first movers’ in the US that has been readying itself for legalised gambling is New York, who had plans to pass their own laws relating to betting even before the Supreme Court lifted the former governing statute, the Professional and Amateur Sports Protection Act of 1992 (PASPA).

It seems as if the Big Apple is ready to roll out legal betting in the state within a matter of months, with Senator John Bonacic amending his own bill to speed up the process this past week.

And now it is a race against time to hurry the new law through the senate with the latest ‘session’ ending in June.

Big Apple to Take a Bite Out of Vegas

One of the main attractions of Las Vegas is that it is one of the few legal gambling destinations in the US, and home to a number of opulent casinos and sports betting dens where billions of dollars are wagered each year.

So imagine the shake-up that will occur if New York, a much-loved tourist trap for differing reasons, legalises gambling in the near future.

A number of casinos would be built, and you suspect that Sin City’s almost complete grasp of sports betting in the States would subside rather quickly.

Bonacic’s amended bill could make that a reality, with his S7900 request aiming to simplify the process of betting in the state by removing the need for punters to pre-register their mobile betting accounts at a land-based casino.

This will naturally lower the barriers of entry for both punters and operators, and hasten the growth of gambling in the Big Apple – with the end of June the predicted start date.

“Right now, the state of New York will, or can, do sports betting in person in the brick-and-mortar casinos,”said Gary Pretlow, a member of the NY Assembly. “I’m hopeful that it’s in place by the end of June, because I don’t want to miss the golf season!”

The wider concept behind the efforts are that New York based casinos would be taxed at around 8.5% of their gross revenue, while 0.25% of each wager would be paid as a levy to the various sports leagues in the US in an attempt to uphold integrity.

But the Gaming Commission has potentially poured cold water on a June start date, claiming that any proposed rule changes are subject to ‘a 45-day period of public comment’ before they can come into effect.

Paddy Eyes Fields of DFS Gold

Paddy Power Betfair, the sports betting behemoth, appears to be eyeing a move into daily fantasy sports after opening up acquisition talks with FanDuel, the industry’s second largest player behind DraftKings.

Paddy confirmed plans to create ‘a combined business to target the prospective US sports betting market’, with FanDuel offering a unique slice of the market for UK based operators as well as a comprehensive list of potential customers.

FanDuel are purveyors of daily fantasy sports (DFS), which is similar to the fantasy football games that are popular in the UK and beyond, with a focus on US sports like American football and baseball.

DFS sites have sidestepped the gambling ban in the States as they are considered a game of skill, rather than luck, and Paddy Power Betfair are clearly eyeing an ‘early mover’ advantage as the sports betting industry in the US gets set to take off in 2018.