How Quickly Can New York Legalize Mobile Betting?
New York Gov. Andrew Cuomo hinted at the possibility of legalizing mobile sports betting shortly. This came at a time when Cuomo continuously dismissed mobile betting from New York.
Due to the coronavirus pandemic, New York has suffered a multi-billion budget deficit, close to $50 billion. The 2021 Fiscal Budget is due April 1, and the Empire State does not have a way to fix the issue in the next four months.
However, New York could help patch the hole over the next few years, and one way is to pass mobile betting to help bring in revenue.
Sen. Joseph Addabbo has been pushing for mobile sports betting since 2018. Addabbo understands how important online wagering would be for New York. The state sees close to roughly $800 million bet in New Jersey, which could easily be done in New York if mobile betting was legal.
New York only has in-person, and all of the retail sportsbooks are located in upstate New York. The closest sportsbook to New York City is at least 90 minutes away. This makes it easier for people in New York City to head over to New Jersey to place bets than drive to a sportsbook in upstate New York.
Gov. Cuomo also kept sportsbooks and casinos closed for close to six months during the COVID-19 pandemic. The move kept the gaming industry closed three months longer than its rival New Jersey, and it brought in $0 in revenue during this time.
While New York sat on the sidelines, New Jersey collected bets through the pandemic and even took advantage of a big month in August when major U.S.sports returned into action.
While the state was suffering to find revenue during the pandemic, Gov. Cuomo did not budge on the idea of passing mobile betting, despite knowing the state needed to patch its budget deficit. Now, Cuomo realizes the potential of what mobile betting could do for the state.
Addabbo has said that New York could bring in $200 million a year in taxes thanks to online wagering. Now, the Empire State needs to pull the trigger on getting it passed sooner than later.
How Quickly Could New York Go Live with Mobile Betting?
The race against the clock now begins for New York, and the question becomes how quickly the state will pass and launch mobile betting.
The biggest issue against New York is that sessions for lawmakers will not begin until next January. The biggest topic on the board will be the state’s budget deficit. Cuomo has mentioned sports betting, and marijuana legalization could help the state fill the gap, and mobile betting should help the state sooner than later.
In reality, the state could develop its own warp speed plan to get mobile betting running in the first part of 2021. However, it would have to come up with regulations in warp speed.
If the state can do this, then there is a chance that the state could add mobile betting revenue into the upcoming budget, which would help in the coming years.
New York knows it needs to act fast, and mobile betting is the best opportunity to make something happen.
