For DraftKings, and all the other sports books, there is one American state that may soon legalize online sports gambling which is seen as the crown jewel.
Draftkings New York
The fourth most populous state (nearly 20 million residents), with New York City as the main area (almost 13 million people in the metropolis), will soon be passing legislation to legalize sports betting online, which has companies like DraftKings drooling. In fact, the stock shot up nine percent on Wednesday, January 6, after New York Governor Andrew Cuomo released a statement about sports betting.
“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,” Governor Cuomo said. “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 revenue here at home, which will only strengthen our ability to rebuild from the COVID-19 crisis.”
Along with the sports betting, Cuomo also wants to legalize cannabis for adults, as part of sweeping reforms in the state at a time the budget has been hurt by the COVID-19 pandemic.
While Cuomo said that he wants to run the online sports gambling through the state lottery, and not through various casinos and their partners, Daniel Wallach, a gaming lawyer, tweeted that it would not be possible under the laws of the state constitution.
He's probably right about the economics, but it would not fly legally under the state constitution. A non-starter.
— Daniel Wallach (@WALLACHLEGAL) January 6, 2021
DraftKings would be well positioned to be one of the first online operators if they chose to go with the open route, since it is already partnered with the del Lago Resort & Casino in Waterloo and already has a physical sportsbook at that site.
But when will this all happen? Some have said it could be by Super Bowl LV, which is on February 7. This seems pretty optimistic, considering it is one month away from now. Others have said before March Madness, which gives them nearly 10 weeks to get up and running. This would also be before the start of Major League Baseball (late March) and well before either the NHL Stanley Cup Playoffs (May 11) or the NBA Playoffs (May 18).
Think of the excitement in Manhattan in the late spring, as people come out of the COVID-19 hibernation (hopefully) and head out to watch Jose Mourinho’s Tottenham side play at Flannerys Bar, while also placing wagers on the match. Or hanging at Smithfield Hall before heading to see the Rangers a few blocks up the road at Madison Square Garden, and placing a prop bet on the game to be scoreless through five minutes.
It is pretty close now, after years of debate.
Draftkings NY Bonus Code
When the Draftkings app is live in New York we will update you on all promo codes and bonus offers. Stay tuned. Sportsbook app is coming in 2021 we hope.
