With the advent of online sports betting, mobile sportsbooks have become more popular. As a result of this, many sports books started offering their sports betting services via mobile devices. With the popularity of this new opportunity, there are now many different options available when it comes to sports betting.
According to the New York State legislators, there are many reasons why sports betting should be legalized and regulates. First, it prevents corruption within the National Collegiate Athletic Association (NCAA). Most sports betting is done in the casinos anyway. Therefore, wagers would just have to show up at the casino and place bets. Unlawful gaming and betting activities would not be allowed. Secondly, sports betting wouldn’t require the high stakes that are usually associated with casino gambling.
Second, the legalized sports betting industry would generate revenue for the state’s coffers. The New York State legislature estimates that the legalized betting industry could generate up to twelve million dollars in a year for the state. If the bill becomes a success, the state will gain an additional six million dollars in tax revenue as well as another six hundred thousand dollars in annual fees from the leagues and casinos that allow betting on horse races in New York.
The New York State gaming expansion bill will also set up a new five hundred and fifty dollar tax credit for individuals who place bets using their cellular phone devices while at sports betting establishments. The New York State gaming commission has already approved the regulation and anticipates wide support from the legislature. The New York State legislators are pushing the Gaming Expansion Bill as their top priority this year. The Sporting Events and Exhibition Commission also welcome the idea of legalizing sports betting.
In Nebraska, the recent passing of the “habitat protection” bill may signal the end to the fierce fight against gambling in the state. The Habitat Protection Act, passed in May 2021 protects the state’s rich Nebraska sports book businesses from losses due to damages caused by the players or venues in the state. In the past, the state and especially the cities have been sued by professional sport teams for damages resulting from sporting event mishaps. For example, in the case of a Nebraska sports book, lawsuits were filed against the New Orleans Saints and the Dallas Cowboys for preventing the teams from playing at a neutral court in New Orleans.
The Sporting News predicted that the adoption of the Habitat Protection Act could “potentially be the death of many current Nebraska sports books.” Opponents of the Habitat Protection Act fear that it could make it harder for professional sports books to stay in business. The act will require the state’s large bookmakers to provide an annual estimate of the revenues from their respective facilities in Nebraska before opening. The estimate is expected to be released before the end of this writing, according to the Sporting News. Although the Sporting News predicted that the bill’s passage could have a minimal impact on sports wagering in Nebraska, the opposing sports betting groups were quick to point out the bill’s many flaws.
One major argument against the Habitat Protection Act is that it threatens to close all gaming facilities in the state, which includes both the state’s largest bookmakers and the smaller hacks. Without the tax incentives they receive, many states like Nebraska would find it difficult to keep their gaming houses open, the argument goes on. Another concern that some Nebraska residents have with the bill is that it could destroy the independent gaming industry in the state, which includes both online and brick-and-mortar casinos. Several other concerns include the possibility of higher taxes for sports betting in Nebraska, which already has a high rate. Also, if the bill becomes law, there is a chance that other states, such as Montana, could see similar consequences because the Habitat Protection Act protects their gaming industries in the same way that the New Orleans Gamblers Association has protected the New Orleans casinos.
The state of New Orleans and neighboring states have long been fighting over the rights to sell sports books and place their wagers on sports events. As a result, more states are considering taking similar measures to protect their own gambling interests. In the end, whether or not the new Orleans ban is instituted remains to be seen. However, many experts believe that the move by New Orleans and the state legislature to institute a sports betting cap could hurt the profitability of New Orleans’ entire gambling industry, especially since the local bookmakers have heavily relied on the annual revenues generated from sports betting.