Officials Discuss Adding Crypto Trading at Proposed NYC Casino

New York State Seal And City Backdrop With Crypto Casino Background

Gambling proponents in New York continue working to open a major casino in New York City. Lately, various officials have discussed ideas to make this casino as popular as possible. One prominent money manager has just submitted plans to add a crypto trading floor to the proposed NYC casino.

Many are excited to hear about these possible plans. It is still unclear if the plans to open a NYC casino will be approved anytime soon, though.

Here’s what we know about the latest plans for this gambling venue.

Jason Ader Wants to Add a Crypto Trading Floor to the Proposed NYC Casino

New York has significantly expanded its gambling industry over the past decade. Today, both commercial and tribal casinos are operating in the state. Sports betting is also legal here and officials are currently working to get online sportsbooks up and running in 2022.

No casinos exist in New York City. One smaller gambling property is operating here, yet it only provides a limited number of gaming options. Many have been pushing for a real Class III casino to open in the city that would offer table games and slots machines.

Jason Ader, a well-known money manager in the state, is one of the individuals interested in seeing this casino opened. This week, he presented a set of plans for the proposed NYC casino. Part of those plans involved adding a crypto trading floor inside this venue.

“The goal is to have a differentiated but comprehensive approach to entertainment that goes beyond casino gaming with some pretty cool elements,” Ader told the media earlier this week. 

Ader’s plan also involved adding an Esports arena, a major convention area to host New York Fashion Week, and even a landing pad for flying cars. The total cost of this project would likely surpass $3 billion. We’ll be sure to report on any approvals of his plans over the next few months.

New York’s Sports Betting Expansion Plans Continue Moving Forward

New York has long been home to one of the most passionate groups of sports fans in the country. A huge number of professional teams are based here. That includes the New York Yankees, New York Giants, and New York Knicks.

It’s not a shock that New York legalized sports betting in 2019. Unfortunately, lawmakers here only approved plans for land-based sportsbooks to open in the state. These sportsbooks are all located in the Upstate arena making it very difficult for residents in New York City to legally place wagers. Many choose to make the trip into New Jersey to make wagers online.

New York’s lawmakers are now tired of seeing revenue flow into neighboring states. Plans to allow online sportsbooks in the state have been moving forward. Many key lawmakers support these plans and recognize how much tax revenue can be earned.

Several sports betting companies have already been chosen to receive online sportsbook licenses in the state. All signs point to these betting platforms going live in early 2022. Some feel these could help New York develop the most profitable sports betting industry in the country.

There is no doubt that New York’s betting platforms will take away from New Jersey’s sports betting revenue. Exactly how much of an impact they will have is unknown. Stay tuned for updates on this situation!

More States Report Surges in Sports Betting Revenue

The year is coming to a close and states around the country continue to see a huge amount of money flowing in from their regulated sports betting operations. States are beginning to release revenue reports over the month of November. It’s clear that this is one of the biggest months in history for the entire US sports gambling industry.

Oregon managed to bring in $4.4 million in total gross gaming revenue from sports betting in November. That is up a staggering 46.5% compared to October. Most of this revenue came from bets on the NFL season.

West Virginia saw an increase, too. The sportsbooks here reported nearly $200,000 in total sports betting handle over November. This state is not a major sports betting hub, yet helps to bring the state valuable tax revenue each month.

Most experts expect to see more states reporting record-breaking revenue reports over November. NFL betting continues to be a major revenue generator for sports betting companies. This will likely intensify heading into the playoff season.

Do you think the proposed NYC casino will open anytime soon? What do you think of Jason Ader’s plans? Let us know in the comments section below.