New York Governor Proposes to Legalize Mobile Sports Betting
New York Governor Andrew Cuomo has proposed legislation to legalize mobile sports betting in the Empire State. He expects regulated online betting to help New York recover from financial losses caused by the coronavirus pandemic.
“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 statement.
New York has made just $14 million in sports betting revenue since July 2019, when it legalized sports betting at casinos but not online. By comparison, neighboring New Jersey has become the U.S. leader in online sports betting. In his announcement, Cuomo referenced a study that found nearly 20% of New Jersey’s sports wagering revenue stems from New York residents.
“Governor Cuomo’s embrace of mobile sports betting immediately positions New York to soon lead all other states and generate significant revenue for state coffers. New York should have no problem regularly topping $1 billion a month in wagers,” Sara Slane, founder of gambling consulting firm Slane Advisory, said in a statement.