Sports Betting to Arrive in New York Via Bet365 and Empire Resorts
November 17, 2018
Two gaming industry giants will be at the forefront when legalized sports betting makes its debut in New York. Bet365 and Empire Sports have joined forces to provide sports betting and online gambling in the Empire State. The agreement was announced in late November 2018 and is structured to last for a minimum of 20 years.
Bet365 is the world's largest provider of online sports betting. The company is based in the UK where betting sports is legal. The company will oversee the development of a sportsbook at the Resorts World Catskills casino and also manage an online sports wagering platform when New York finalizes the terms of its legislative action to approve sports betting.
As part of the agreement, Bet365 will become a major shareholder in Empire Sports Inc. by purchasing as much as $50 million of the company's stock. This would give Bet365 the interest needed to become a partner. The two companies have agreed to share profits from sports betting enterprises, and Bet365 will be allowed to recoup any startup expenses that are incurred.
Sports betting is not legal in New York at the moment, but all indications are that the state will move to legalize it soon. Just four casinos in the state have been given the go ahead by the state to begin developing sports betting platforms pending legalization. Voters in New York approved sports betting in 2013, but the full implementation of the new law has taken a back seat to the authorization of full-scale physical casinos. Horse race betting has been legal in New York for many years, and off-track betting parlors are popular.
Some believe that the delay in moving forward with legalization is due to the gubernatorial race in New York. Incumbent Andrew Cuomo did not push the measure as he campaigned for reelection. Now that he has won another term in office, most believe that the process will move rapidly.
It is expected that online gambling and sports betting in New York could top $500 million in revenue each year. That would be almost twice the revenue generated by similar operations in Las Vegas.