New York Governor Andrew Cuomo, facing an economic chasm deepened by Covid-19 shutdowns, wants to follow neighbouring New Jersey in legalising mobile sports betting.
After years of resisting the legalisation of online sports betting, the governor will push for the lucrative measure in next week’s State of the State address, according to a statement published yesterday in the New York Daily News.
“New York has the potential to be the largest sports wagering market in the United States and by legalising 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,” Cuomo said.
The likelihood that online sports betting may help New York close its multi-billion dollar budget gap is highlighted by the success across the Hudson River, with New Jersey’s sports betting handle, or total amount wagered, in November amounting to $931.6m. At the same time, New Jersey’s sports books recorded $50.6m in revenue and $6.2m in taxes.
An estimated 20 per cent of New Jersey’s sports betting revenue comes from New Yorkers who cross the bridges and tunnels to bet.
Source: Reuters
