New Mexico Reps. Ray Lara and Phelps Anderson and Senator Bill O’Neill have introduced bills that would convert the state’s racinos to Las Vegas style casinos, with table games and sports betting.
House bill HB101 would authorize sports betting licensees to offer betting through three different mobile providers. It would allow as many as six sports betting licenses and six licenses for table games. Each would be good for five years and would have $50,000 annual fees. They would be regulated by the New Mexico Lottery Authority.
Exchange wagering, parlays, over-under, moneyline, pools and straight bets would be allowed. Pari-mutuel horse racing bets are already covered by the New Mexico’s Horse Racing Act.
The state has five racetracks, all with slot machines and video versions of the live games the bill would allow. As with sports betting, they would be managed under the New Mexico Lottery.
Lara’s goal is to help raise more funds for the state’s college scholarship fund, which is no longer able to cover full tuition for students. Her bill would raise an estimated $40 million, a year, she says, with $15 million earmarked for the fund. More than 128,000 high school seniors have been helped into college by the fund.
The lawmaker points out that at Sunland Park Racetrack and Casino, 85 percent of revenue comes from visitors to the state. He said, “I truly believe this is a win-win for the state as a whole.” He added, “This is going to benefit our young people. This is going to bring jobs. This is going to bring additional revenue to our communities and to our state.”
Senator O’Neill added, “We really need to diversify our revenue stream, and that’s going to be a big theme in the upcoming session.” He added, “We’re looking at a lot of different strategies to not be at the mercy of the boom and bust of oil and gas.”
New Mexico’s gaming tribes are likely to oppose the bill. Last year the Inn of the Mountain Gods Casino began offering sports betting.
The legislature has only a 60-day legislative session, which began January 19.
