- Mobile sports betting looks to be inevitable at this point for being a part of the 2021 NY State budget proposal.
- Governor Andrew Cuomo believes the expansion into mobile sportsbooks would bring in an estimated $500 million in yearly revenue for New York.
- New York is seeking approval of a $200 billion budget to help the state come back from the losses incurred by COVID-19.
ALBANY, N.Y. – New York has surpassed the deadline of April 1 to finish their 2021 budget proposal that is calling for $200 billion to aid the economy in coming back from the Coronavirus Pandemic and regulating mobile sportsbooks for a new revenue stream may be seen on the bill.
All eyes are on the status of the NY budget as it will help legislation for a sports betting expansion to move forward with the inclusion of mobile sports wagering platforms as a source of revenue.
Governor Andrew Cuomo who would like to regulate the market under a proposal he’s presented to the State Assembly believes that the industry would be able to generate $500 million in revenue annually for the Empire State.
Will Sports Betting Be On NY Budget?
A number of education initiatives are slated to come from a NY budget that includes mobile sportsbooks. All state colleges would see a tuition freeze for the next three years and more programs for all-day pre-kindergarten would be opened up to the households of taxpayers. A hike in taxes is expected for wealthy residents while giving middle-class residents a tax break. But mobile sportsbooks could possibly help to bridge the gap in the budget deficit with each year of revenue it could bring in.
The only problem with regulated sports wagering in New York when it comes to mobile platforms is that there is an argument between the two separate ways of regulation in the State Assembly via three proposals. Governor Cuomo wants to see a structure for the business that is run by the lottery to ensure more money is made for New York and not for the casino businesses as the other two proposals would see happen.
Insiders are saying that mobile sportsbooks will be on the 2021 New York budget and that a nice balance of all three bills to regulate the expansion of the market will be found prior to the end of the New York State Assembly’s adjournment on June 18 for a final passage of legislation to catapult the Empire State into mobile sportsbook platforms in 2021.
The February Lull
New York, along with most other regulated markets in the nation experienced a drop in sports betting activities and revenue in February. Traditionally, February sees a decline with sportsbooks because it’s the shortest month of the year, giving sports bettors less time and fewer events to gamble on. And the four retail sports betting venues in upstate New York felt that dip.
The four locations in the state saw $1.15 million in revenue on all GGR for February; less than half of the January figures of $3.5 million as reported by the New York State Gaming Commission (NYSGC). Although it’s not unusual to see a drop during this time of year for sports gambling, states with mobile sportsbooks did much better for themselves, which is one more reason why New York lawmakers would like to make that part of the market available to their residents and visitors for betting on sports.
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News tags: Andrew Cuomo | COVID-19 | New York | New York State Assembly | New York State Gaming Commission
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.