August 10, 2018 06:43 AM
Legal sports betting is coming to New York.
While it is still unclear of when that will officially happen, we are getting a closer look at how it is going to work.
News10NBC went to check out one of the first sportsbooks to open near the New York/New Jersey border where fans have already put millions of dollars down on games this summer.
The Fanduel Sportsbook at the Meadowlands Racetrack is one of the new homes of sports betting in the United States. It has been up and running for nearly a month.
The current set up is temporary. It opened in July, not long after the U.S. Supreme Court’s May ruling cleared the way for state-authorized sports betting.
The first weekend at the Meadowlands was a hit.
“We wanted to do $1-million that weekend on Saturday and Sunday for sports betting,” Meadowlands GM and COO Jason Settlemoir said. “We did over that.”
The group was in a rush to get the sportsbook ready for business because the original plan was to be ready by September. The team got everything done early knowing that it is lucky to have prime real estate in a massive market.
“There's about 19 million people that surround us here and we're excited about the opportunity that exists here in New Jersey, especially with no current legislation in New York,” Settlemoir added. “That leaves those 19 million. If they want to make a legal sports they're going to come here.”
While New Jersey continues to cash in, sports betting is still illegal in New York.
The gaming commission is working to set up guidelines for how legal sports betting will work.
A 2013 law that created four state-licensed casinos leaves the door open for those to start taking bets once the rules are in place. They include Del Lago and also Tioga Downs which Settlemoir helps run.
“You're going to be able to regulate it, tax it, and put people back to work which are all three very important things to an economy,” Settlemoire said.
For now, the Meadowlands team is focused on the first weeks of September with full slates of college and NFL games.
Those weekends will have fans lining up to place bets knowing the odds may be against them. News10NBC reached out to the gaming commission to see how the process is going.
There is still no timetable for when all of the regulations will be drawn up and finished but you will know when that happens because members expect there could be a 30-45 day comment period to follow with public meetings across the state.
Updated: August 10, 2018 06:43 AM
Created: August 09, 2018 03:48 PM
Copyright 2018 - WHEC-TV, LLC A Hubbard Broadcasting Company