The first full week of 2021 is in the books, and a lot of news came out this week surrounding the sports betting industry. Rhode Island reported a record-breaking November, and Texas announcing the possibility for sports betting to be passed in 2021. Puerto Rico also passes sports betting in the country this week. The biggest news comes out of New York with Andrew Cuomo finally getting on board with online sports betting. However, there could be some hiccups along the way based on the plans Cuomo wants to roll out. Here are the biggest sports betting stories from this week.
Monday: Rhode Island Sees Record November
In November, Rhode Island recorded record numbers in both its betting handle and revenue. It previously broke the October numbers thanks to football and college basketball betting. The state is also benefitting from Connecticut and Massachusetts not passing their own sports betting bill in 2020. Bettors from those states are coming to Rhode Island to place wagers, which helps Rhode Island out. Also, mobile betting helps the state as more bettors look to place bets online instead of in-person. Look for 2021 to be a successful year for Rhode Island as long as its two neighboring states do not pass their own sports betting bills.
Tuesday: Puerto Rico Passes Sports Betting
On Tuesday, Puerto Rico announced it passed its own sports betting bill and will hopefully launch the industry in 2021. After a previous Governor of the country resigned unexpectedly before passing the previous sports betting bill, Puerto Rico could get it done this week. Unfortunately, there are a lot of hurdles the country will face before officially going live with it. However, there is a strong chance that it will happen in 2021, and the country will finally be able to profit from the new industry.
Thursday: Texas Could Pass Sports Betting in 2021
There is a chance that Texas can pass sports betting in 2021. Although the state has been historically conservative and has not been open to gambling, the Lone Star State could change its ways this year. A conservative Las Vegas mogul is looking to launch a casino in Texas, but first, the state will need to change its gambling laws to expand to commercial casinos. If this happens, then there is a possibility of sports betting coming along with it. This is the best chance of happening because Texas lawmakers all don’t get together until 2023. It’s now or tries again in two years for the Lone Star State.
New York Sports Betting
This week’s biggest news comes out of New York with Gov. Andrew Cuomo on board with online sports betting. New York launched in-person betting in July 2019 but has not been open to mobile wagering in the state. New York faces a $50 billion deficit, and Cuomo is desperate to find revenue streams. However, Cuomo wants to run it through a lottery-based system compared to a casino-based system, which hurts the overall industry long-term. The state will receive more direct funds, but it nearly creates a monopoly in the state and hurts bettors.