Penn National Gaming Secures Partnership With NY Casino

New York

There has been a huge amount of attention placed on Penn National Gaming over the past few years. This company was founded in the 1960s and now owns and operates 43 different gambling venues around the United States. This week, news broke that Penn scored an exciting new partnership with a major NY casino.

This is a huge move for this company. New York is currently in the process of getting its online sports betting industry up and running. Today, we’ll talk about what Penn’s move into this state means moving forward.

Let’s get into it!

New York is Still Working to Approve Online Sports Betting Legislation

New York is home to a huge professional sports industry. It’s no surprise that many lawmakers here immediately began looking into sports betting regulations after PASPA was struck down in May of 2018. Finally, in 2019, the first legal sports wager was finally placed here.

Things weren’t perfect, though. New York went against many recommendations and only decided to legalize land-based sports betting. Sportsbooks opened in various casinos across the state, yet many of them struggled to generate revenue.

Online sports betting has proven to be a far more lucrative industry. Neighboring New Jersey has a regulated internet sports betting industry set in place. Throughout 2020, this state set numerous new sports betting handle records from its online betting operations.

Many have been pushing New York to finally begin allowing online sports gambling. Many lawmakers agree and have been working to draft legislation that allows this form of wagering. Even Governor Cuomo believes it’s a necessity, yet wants to ensure the state benefits from such a move.

A sports betting bill is currently making its way through the state’s legislative process. Under this bill, up to 14 different sports betting operators would have the ability to gain an online license here. There are some issues arising, yet most feel online sports gambling will finally become available in New York this year.

Some major gaming companies are now making the move into this state. That includes Penn National Gaming, which is already banking on online gambling options becoming available here soon.

Here’s What We Know About Penn National Gaming Moving into New York

There has been a lot of media coverage on Penn National Gaming in recent years. Much of that has to do with the company’s investment into Barstool Sports. Back in January of 2019, this company invested an astounding $163 million into Barstool for a 36% stake in the company.

Penn Gaming has also been working hard to expand in recent years. In 2015, for example, it purchased the popular Tropicana Hotel-Casino in Las Vegas. In 2019, the company purchased two more major properties in conjunction with VICI Properties.

Now, Penn seems focused on New York. News broke this week that the company has agreed to a new partnership with Rivers Casino & Resort in Schenectady. This 20-year deal gives Penn access to the New York mobile sports betting and casino market.

Jon Kaplowitz, Penn National’s Sr. Vice President of Interactive Gaming, expressed his excitement about breaking into New York in an official statement this week.

“Gaining potential access to what could become one of the nation’s most lucrative sports betting markets has been a major priority for our Company,” he said. “We are hopeful that the New York State Assembly will follow those leading revenue producing states that allow for multiple skins for mobile sports betting. A state the size of New York certainly warrants open competition and a free market approach.” 

This is a huge move for Penn Gaming. This company has seen tremendous success breaking into new markets in recent months including Michigan. Most agree that New York has the largest online sports betting market in the US.

As of now, New York still has not approved any legislation to allow online sports betting. Once that changes, however, Penn Gaming will have the ability to launch an internet sportsbook here. Stay tuned for more updates over the next few weeks!

Online Sports Betting Revenue Continues Increasing Around the US

New York seems to be just months away from getting its online sports betting operations up and running. The states that have already done so are profiting in a big way. Online sports betting revenue is surging around the country right now.

That includes the aforementioned state of Michigan. Online sports betting didn’t become available here until the final ten days of January. In those ten days, the state saw an online sports betting handle of $113 million.

New Jersey is also seeing impressive online sports betting revenue figures right now. The regulated sportsbooks here earned an astounding $82.6 million in January. Analysts expect even higher figures in February due to the Super Bowl.

Many different states are now working hard to legalize and regulate their online sports betting industries. That includes California and Arizona. Many analysts expect nearly every state to have a sports betting industry set in place by 2025.

Penn National Gaming is getting ahead of the game by breaking into New York. It is likely to pay off as soon as online sports gambling gets approved here.

When do you think New York will begin allowing online sports betting? Let us know in the comments section below!

NY Governor Cuomo Says He Will Push For Online Sports Betting

Seal of New York
New York Governor Andrew Cuomo is now willing to bet on online sports wagering. After long opposing to the legalization of online sports betting in New York, the governor now says that he will push for it during his upcoming annual address to the state.

Said Cuomo in a statement:

“New York has the potential to be the largest sports wagering market in the United States, and by legalizing online sports betting we aim to keep millions of dollars in tax revenue here at home, which will only strengthen our ability to rebuild from the COVID-19 crisis.”

A Focal Point of State of the State Address

On Wednesday, Governor Cuomo said that legal online sports betting will be a focal point of his policy proposals when he addresses his constituents and fellow lawmakers during his State of the State address next week.

Added Cuomo:

“At a time when New York faces a historic budget deficit due to the Covid-19 pandemic, the current online sports wagering structure incentivizes a large segment of New York residents to travel out of state to make online sports wagers or continue to patronize black markets.”

Under the governor’s proposal, mobile sports operator will have to obtain a state-issued license and be tied to a legal gaming facility. He will reportedly ask the New York Gaming Commission to look for proposals or offering legal online sports betting and to ensure that gaming operators include protection against addiction and abuses.

Change of Heart

For much of 202, Cuomo remained opposed to online sports betting and argued that its legalization would need a constitutional amendment. However, with the state facing a looming budget deficit and revenue shortages due to the COVID-19 pandemic, the governor started to warm to the idea of legal online sports betting last month.

During a remote briefing last month, the governor said:

“Are there other ways to get revenue? How about marijuana? How about sports betting?”

Residents in neighboring New Jersey have been able to place wagers using mobile devices and computers since 2018. Today, the Garden State is poised to overtake Nevada as the United States’ largest sports betting market. In November 2020, a total of $872 online bets were placed in New Jersey, generating $30M in taxes. That amount brought the overall 2020 haul of the state from legal online sports betting to $268.8M, with the final numbers expected to be revealed next week.

Upstate New York’s Casino Market Continues to Improve

New York is beginning to truly embrace the gambling industry. For much of 2019, lawmakers have worked on ways to bring in more revenue from the gambling industry. Upstate New York’s casino market is expanding rapidly and competition is fiercer than ever before.  New York State Logo

There’s a lot to be excited about in this state. Today, we’re going to look at what new gambling options are now available in New York. We’ll also look at how casinos are responding to this rise in competition.

New York’s Recent Embrace of the Gambling Industry

New York hasn’t always been a gambling-friendly state. In fact, for many years, lawmakers here laid out several laws that suppressed the gambling industry. Even daily fantasy sports, which is legal in many states as a “game of skill” was prohibited by lawmakers here, who believed it to be a form of sports wagering.

Things have begun to change here. In case you’re unaware, the US Supreme Court struck down PASPA in May of 2018. Now, every state in the country has the ability to set laws on sports gambling.

Certain NY government officials immediately began calling for the state to make this form of wagering legal. Nearby New Jersey was the first state post-PASPA to legalize sports betting and immediately began making millions of dollars a month. A sports betting bill was approved by New York Governor Anthony Cuomo earlier this year.

In July, the first legal sports wager in New York was placed at the Rivers Casino in Schenectady. Now, sports betting is legal inside brick and mortar casinos around the state. Many are profiting massively from the current NFL season. Legal sports betting isn’t the only new form of gambling available in New York, though.

Not long ago, state legislators also approved commercial casinos to operate in New York. These new gambling venues, along with tribal casinos, is helping to make Upstate New York’s casino market one of the most competitive in the country.

Upstate New York’s Casino Market is Growing Quickly

There are now many different tribal and commercially-run casino venues in New York’s Upstate area. Competition in this industry has never been higher. These gambling establishments are working extremely hard to out-do each other. One of the most popular casinos in this area just won a prestigious award.

The Del Lago Casino, located in Tyre, recently gained several awards from Casino Player and USA Today. Casino Player magazine asks its readers to name the “best of the best” casinos in the country every year. Del Lago Casino was awarded for having the best hotel staff, best suite, best craps, best roulette, and best VIP services.

It’s an impressive accomplishment for this gambling venue. Lance Young, executive vice president of the casino, commented on the awards to the media this week.

“We are incredibly grateful for the 11 awards we received from Casino Player, especially because the honors were submitted by readers who are also del Lago guests,” he said. 

There are some exciting new venues entering Upstate New York’s casino market. This week, Hilton has announced that it’s constructing a new hotel on land adjacent to the Turning Stone Resort Casino in Verona.

Unfortunately, not every casino in this state is flourishing. Several have struggled to generate revenue amid the rise in competition. Recently, several of these casinos have begun calling for online gambling to be made legal here.

Casinos Begin Calling for Online Casino Gambling Regulation

With so many different gambling venues in Upstate New York, it’s been difficult for many of these casinos to bring in the money they initially projected. As a result, officials at many of these casinos have begun calling on lawmakers to make internet casino gambling regulated.

New Jersey began regulating its internet casino market last year. It’s extremely successful, helping to bring the state millions of dollars every single month. In fact, more people are gambling online here now than playing inside land-based casinos.

Interestingly, there are many different online casinos in NY available right now. The state government does not regulate these websites, yet they’ve grown extremely popular over the years, particularly for those located far from the Upstate area.

Many of these websites offer just as many different gambling options as the state’s brick and mortar casinos. The majority of them are extremely safe and offer their players a wide range of easy payment options.

Upstate New York’s casino market is growing. With that growth comes a rise in competition. Hopefully, all of the casinos here manage to generate more revenue. We’ll need to wait and see whether or not lawmakers choose to make online casino gambling legal.

Make sure to stay tuned for more casino news in New York over the next few months!

New York’s Casino Dispute With Seneca Nation Continues

New York’s gambling industry is expanding rapidly. Not long ago, this state approved plans to allow additional casinos and sports betting operations. Unfortunately, New York’s casino dispute with the Seneca Nation is still ongoing.

Andrew Cuomo

Lawmakers in New York are in a bitter disagreement with the Seneca over casino tax payments. Today, we’re going to look at what this dispute is all about. We’ll also talk about what state officials are doing to end it.

New York Lawmakers Approve Gambling Expansion Plans

In the past, New York was known as one of the least gambling-friendly states in the US. Lawmakers here showed very little willingness to open any form of gambling aside from tribal casino gaming. Over the past two years, however, state officials have begun to change their stance.

Several bills were presented here to significantly expand the state’s gambling industry. Much of these expansion plans focused on sports betting. With PASPA now gone, every state can set its own laws on the sports gambling industry. Several New York politicians began actively campaigning for sports betting to be made legal.

The state approved a sports betting bill in June. On July 16th, the first legal sports wager in New York was made by Gary Pretlow, a state lawmaker instrumental in getting this industry legalized and regulated. Today, most of the state’s casinos operate land-based sportsbooks. It’s proving to be an extremely lucrative industry, bringing in major revenue earnings through taxes.

In April, New York lawmakers also approved plans to add several new casinos to the upstate area. Several popular casinos already operate in this area, including Resorts World Catskills, which was recently sold to investors in Malaysia. Now, both tribal and commercial casinos are operating here. Online casinos in NY are still unregulated.

Unfortunately, officials are engaged in a major dispute with one of the largest tribal casino operators in the state.

New York’s Casino Dispute with Seneca Nation, Explained

For years, the Seneca Nation has operated a casino in Salamanca. Since first opening, this casino has been required to pay a 25% tax fee to the state on its revenue from the Class II bingo games it was able to offer. In March of 2017, the casino was given a Class III gambling license, granting it the power to offer slots and table games.

The tribe now believes that it’s no longer required to pay the 25% tax fee. Tribal leaders argue that this tax fee was only required from the Class II license. The Tribe believes that there was no provision stating that the revenue sharing would continue.

State officials obviously disagree. An official arbitration panel quickly ruled that the tribe owed $255 in back payments. The Seneca Nation is now working to fight this ruling in the courts. Unfortunately, this dispute is showing no signs of slowing down anytime soon.

It’s taking a toll on the city of Salamanca, which relies on revenue from the casino to operate. Now, state officials are working on ways to help this city out.

New York Sends Salamanca $2.35 Million in Revenue Relief

New York’s casino dispute with the Seneca Tribe has been going on for years. During this time, the tribe has sent no money to Salamanca, where their casino is located. It’s a major disappointment for this city, which uses the money to fund social projects.

Government officials in New York have sent a check to Salamanca for $2.35 million. This city generally receives nearly $5 million in annual revenue from the Seneca casino. Kathy Sarver, City Comptroller of Salamanca, states that the rest of the money would also come from the state if the tribe does not agree to pay.

“If it is settled, then there won’t be any need to advance us any money because we’ll be getting the payments from the casino,” Sarver said. “It’s just an advance. If and when the casino compact issue is settled, we’ll have to pay the state back this money.”

It’s unclear exactly when this fight will end. Both the tribe and state officials believe that they are in the right.

Make sure to stay tuned for more updates to New York’s casino dispute with Seneca Nation over the next few months!