New York Governor Andrew Cuomo to Back Mobile Sports Betting
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New York sports bettors rejoice! Governor Andrew Cuomo is backing mobile sports betting in the Empire State. Over the next week, Cuomo will be creating policy proposals for mobile wagering and will lay out the plan s next week during the State of the State Adress.
The coronavirus pandemic and pressure from New Jersey sports betting have finally pushed Cuomo in favor of online betting. The New York Governor was unwilling to budge on his stance with sports betting until recent weeks since the Empire State faces an estimated $50 billion budget deficit that is due in April.
“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 in a press release.
The state is looking for revenue streams quickly, and legalizing online sports betting will be a huge boost to the state’s budget issue.
New York Sports Betting Outlook
With Cuomo in favor of launching mobile betting, New York now becomes the crown jewel in the U.S. Research firm Eilers & Krejcik reported last February that New Yorkers bet $837 million in New Jersey in 2019. Now, that revenue will stay in the state, with New Yorkers not needing to go into New Jersey to place bets.
The Empire State has the fourth largest population by a state with over 19.4 million residents and home to New York City, where roughly 8.4 million people live. Roughly 20% of the bets New Jersey received came from New Yorkers. Residents found it easier to cross the Hudson River into its neighboring state instead of driving to Upstate New York to place bets.
According to Cuomo, this has allowed New Jersey to capitalize on New York’s inability to legalize mobile betting promptly, but things will be changing in 2021. Sen. Joseph Addabbo has been a big proponent of legalizing mobile sports betting since the begging. The New York Senator believes the state could collect $200 million in taxes if mobile betting is legalized.
New York can now get the ball rolling with online wagering before 2021 is out. With Cuomo on board, it would not be surprising if the state launched mobile betting before the 2021 football season. There are still many moving parts that need to be addressed, but this is huge for the Empire State.
Potential Online Sportsbooks
New York already has sportsbooks with in-person operations, so it’s more than likely that those will be the first ones to launch mobile betting. BetMGM, DraftKings, and FanDuel are three of the most popular sportsbooks and should be the first ones to enter the Empire State.
BetRivers, FoxBet, and Caesars (which William Hill operates) are also in the New York market. Bettors can also expect these sportsbooks to launch online betting in the state as well.
A lot still depends on the regulations that Cuomo and other lawmakers will put in for mobile sports betting. There could be a cap on how many operators are allowed in, or the taxes and fees could dictate who can enter and who can’t.
Still, you can expect these six to have mobile operations in New York.
