New York sports betting wouldn’t harm Las Vegas, experts say

New York is ready for mobile sports betting, according to Gov. Andrew Cuomo.

Cuomo said he would announce his intention to push for legalized online sports betting in the state during next week’s State of the State address, according to a statement published in the New York Daily News Wednesday morning.

“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 of tax revenue here at home, which will only strengthen our ability to rebuild from the COVID-19 crisis,” the governor said.

With more than 19 million residents, the state is expected to draw in significant revenues if mobile sports betting goes live. Despite the possibility of more gambling money going into the Empire State, industry experts have said sports betting’s expansion poses little threat to Nevada’s gaming industry.

“People are still going to want to come to Vegas for the experience Vegas offered before the pandemic, and the experience it will offer after the pandemic,” said Josh Swissman,founding partner of Las Vegas gaming and hospitality consulting firm The Strategy Organization. “The experience is much bigger than (sports betting). … That’s never going to go away.”

Speculation on expanded sports betting in New York have been swirling in recent weeks, ever since Cuomo said sports betting could be a potential new source of revenue during a Dec. 16 televised briefing.

Gaming consultant Sara Slane said Cuomo’s embrace “immediately positions” New York to generate significant revenue and lead all other states.

“We’ve consistently seen that bettors want to wager on sports and mobile, just like all other industries, is the modern mechanism for the industry to drive the most revenue back to the state,” she said in a Wednesday note. “New York, with a population of nearly 20 million, dwarfs any other state with legal betting, and should have no problem regularly topping $1 billion a month in wagers.”

This is a developing story. Check back for updates.

Contact Bailey Schulz at [email protected]. Follow @bailey_schulz on Twitter.

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