- Governor Andrew Cuomo will discuss the topic of legal mobile sportsbooks in New York during his upcoming State of the State address.
- Cuomo is now in favor of legal mobile and internet sports betting for New Yorkers because of the revenue it could generate for the Empire State.
NEW YORK – Proving he’s more of a “Michael Corleone” in his family, Governor Andrew Cuomo has decided to back legal mobile sportsbooks in New York.
While staunchly opposed to mobile and internet sports betting in the past, Cuomo now sees how much good legalization of the platforms could do for the Empire State.
Currently, the financial downfall of the economy has reached the multi-billion-dollar mark in budget deficits because of the outbreak of COVID-19, and new revenue sources like an online legal sports wagering market could help ease some of that burden.
“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,” said Cuomo.
Cuomo’s Turnaround On The NY Sports Betting Industry
Many New Yorkers have turned to the mobile sports betting platforms of New Jersey. The Garden State has become a powerhouse in the sports wagering industry since legalizing the pastime in 2018, bringing in almost one billion dollars in handle for the month of November alone.
It’s been estimated that 20% of their business comes from the people of New York that cross the bridge in order to access their sportsbook applications.
“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,” said Cuomo.
How Will It Work?
Legal sports betting in New York has only been done at retail locations over the years at a limited number of establishments, all in the upstate area per current state laws.
In his policy proposals for the coming year, Cuomo will address the legalization of mobile sports wagering next week. He plans to emphasize the factors of how much revenue the market could generate while keeping the money that is already being gambled within the state.
Under his proposal, mobile and internet sportsbook operators will need to be tied to a land-based location of which there are eight. However, access to these platforms would be statewide. Cuomo has not yet discussed any tax percentage on the market or any fees associated with licensing.
Tethering operators to facilities that already offer sports betting allows New York to move forward without a major constitutional amendment for gaming.
Operators will be licensed by New York to offer their applications through the already existing retail sportsbooks. Should this proposal become law, the Gaming Commission will make an official request to be able to include mobile sports betting applications at existing venues.
It’s already been discussed that safety measurements will take top priority for New Yorkers, not only with the applications but for programs that help problem gamblers.
With Cuomo finally behind legalizing mobile sports betting in New York, its no longer a question of if it will happen but when.
News tags: Andrew Cuomo | Corleone | Coronavirus pandemic | COVID-19 | Fredo | New Jersey | New York | New York Gaming Commission | New York State of the State address
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.