Legal Sports Gambling In New York
Pari-mutuel Betting
When it comes to legal sports gambling in New York, bettors only have two options that will not involve a date in court if they are caught by the law: pari-mutuel payoff systems and fantasy pools. Both of these systems are considered legal by state and federal governments, although there are specific laws that apply to each. This article will discuss the pari-mutuel system.
What is the pari-mutuel system?
Pari-mutuel comes from a French term which means mutual betting. It involves sport events which meet the following criteria:
- The time taken to determine the winners in the event is fairly short.
- The finishers are ranked in a clear order every time.
- It takes place through official channels, at tracks or off-track where the bets are forwarded to the track.
The critical component of pari-mutuel betting is that the pool is calculated before the event starts. Therefore, unlike money lines, there is no opportunity to adjust bets as the event takes shape. Once the board on a bet has been closed, the totals are tallied. Now is when the “mutual” component comes into play. The government and the house get an automatic fixed total of the bet pool, no matter who wins or loses. This means that all winners are paid minus the percentage taken by the interests involved. It is hard to see how this leads to a less corrupt sport than any other system, but apparently it cleans things up. If you are the government anyway.
Legal Sports Gambling in New York Under the Pari-Mutuel system
There are three common sport events in New York that are played using the pari-mutuel system, and therefore are allowed by law. These are horse and dog racing, and jai alai.
Horse Racing is common enough all over the world, and until about a decade and a half ago was the favored sporting event to bet on in the United States (it was overtaken first by football and then basketball, although both sports are rarely permitted to be gambled upon according to most laws). There are several tracks in New York, and the city is also home to the third leg of the American Triple Crown (the Belmont Stakes).
Dog Racing is also legal when it comes to sports betting, although it has tapered of greatly in popularity largely due to protest by animal rights activists. The dogs in the race are greyhounds, and the betting styles are usually similar to that used in horse racing.
Jai Alai is a human sport played between teams on a court. This is a rare form of event in New York’ the game is much more popular in Florida and in fact its popularity everywhere in the United States has been on the down swing for several years. Still, it offers an exciting and fast paced alternative to other pari-mutuel events.
When it comes to legal sports gambling in New York, options are severely limited. While events such as horse races continue to be popular social as well as gambling occasions, the systems can be very hard for gamblers trying to make some money within the limits of the law. The house take designated by various laws guarantee that a large portion of the bets never gets into the hands of the winners but instead goes to the public coffers.
