After repeated reluctance, Governor Andrew Cuomo appears ready to embrace mobile sports wagering.
After watching New Jersey generate over $930 million in legal sports betting in November, 90% coming online, New York Governor Andrew Cuomo is reportedly ready to go all in.
In a statement to the New York Daily News, Cuomo will announce his plan for legal sports betting in New York during his State of the State address later in January.
“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 tax revenue here at home, which will only strengthen our ability to rebuild from the COVID-19 crisis,” Cuomo said.
For years, Cuomo had pushed back on the concept of legalizing sports wagering in New York State, despite record amounts of revenue pouring into New Jersey. But with a budget deficit heading into multibillions of dollars, the governor looks to have changed his stance.
“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.”
According to Legal Sports Report, an Eilers & Krejick Gaming report published in February of 2020 estimated that $837 million dollars was bet in New Jersey by New Yorkers in 2019. That account makes up roughly 20% of New Jersey sports betting.
Furthermore, after hitting $4.5 billion in generated revenue in 2019, the Garden State is expected to hit close to a $6 billion handle in 2020 once final totals are published.
New York State senator Joe Addabbo has been integral towards the discussion of pushing legal sports wagering, particularly mobile betting. Additionally, the proposal would detail that mobile sports betting operators be licensed in the state and partnered with a gaming facility licensed in state.
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