It’s been a while since sports gambling was considered illegal in New York. While the state did occasionally have issues with a few of its municipalities allowing sports books and gambling in some capacity, on the whole, it didn’t really hinder the growth of the wagering industry. Thanks in large part to the legalization of sports betting (and the ability to legally bet online), the demand for sports service providers has increased, resulting in an improved quality of life for many who now work in the field.
To find out more, we reached out to Steve Caporizzi, the vice president of corporate communications for CG Technology, a software development company that offers specialized sports betting technology and software to sportsbooks and casinos worldwide. Here, he shares some interesting information about the growth of regulated sports wagering in New York and what the future may hold.
How Big of a Problem Was Sports Gambling In New York Before Legalization?
Prior to the legalization of sports gambling in New York, a wide range of problems plagued the industry. From illegal gambling rings to corrupted sportsbooks to unpaid debts, the non-regulated industry was plagued by many problems. It wasn’t until 2020 that New York passed some of the country’s most progressive sports betting legislation, such as the Sports Wagering Promotion Act (SB 887) and the Sports Integrity Act (AB 887), which were introduced in the New York State Assembly on Feb. 11, 2020 and signed into law by Governor Andrew Cuomo on March 26, 2020.
Some of the issues that the New York Legislature was concerned about included:
- Illegal casinos
- Corrupted sportsbooks
- Lack of accountability and transparency
- Financial problems
- Problems with integrity in gaming
- Problems with gambling addiction
How Has Legalized Sports Gambling Affected The Industry?
Since New York legalized sports betting, the industry has gained a lot of legitimacy, particularly with the general public. It’s largely accepted that the NBA, NHL and MLB games that you see on TV are fairly balanced and offer a good opportunity to bet on. This was considered highly dubious practice by many prior to the legalization of sports gambling in New York.
Further, the legalization of sports gambling in New York led to an increase in consumer confidence. Prior to the legalization of sports wagering in New York, many people were wary of engaging in online betting or checking the odds at an outside bookmaker, preferring to avoid the risk of encountering problems. This made them less likely to pursue betting activities, even though it was entirely legal.
Even more interesting is that New York’s sports betting market is fairly well-behaved. Although there are still some issues with sportsbooks and casinos not paying winning bets, the good practices of the industry make it a better option for sports bettors. In particular, many sportsbooks and casinos in New York offer excellent payouts, have fair and open lines of communication, and are committed to protecting consumer privacy.
Some of the problems that the New York Legislature was concerned about included:
- Corrupted sportsbooks
- Lack of accountability and transparency
- Problems with online betting security
- Incorrect betting prices
- Problems with integrity in gaming
- Problems with gambling addiction
- Problems with underage gambling
- Problems with compulsive gambling
- Problem gamblers draining valuable resources from the economy
While it’s true that there are still some problems that the industry needs to work through, the positive effects of legalized sports gambling in New York make it clear that this was a step in the right direction. Now, the industry can continue to evolve and improve, delivering the best possible experience to players wherever they are in the world.