Ny Mobile Sports Betting
- New York Governor Andrew Cuomo wants mobile sports betting to be run through the state, just like the lottery system.
- Cuomo believes that mobile sports betting could bring New York $500 million in tax revenue.
- The New York Senate Committee on Racing, Gaming, and Wagering passed bill S1183 on Tuesday.
NEW YORK – New York Governor Andrew Cuomo has doubled down on his assertion that the mobile sports betting market when legalized should be run by the state. This comes on the heels of a budget shortfall in New York due to the COVID-19 pandemic.
Cuomo presented the Fiscal Year 2022 budget for New York and began talking about the potential of sports betting in New York at the 22-minute mark in his address.
Presenting my Fiscal Year 2022 Executive Budget. Watch live: https://t.co/ohJa3H2tdO
(NEWS10) — While Gov. Andrew Cuomo has a proposal to legalize mobile sports betting in New York, one group of lawmakers has had their own legislation to do so that’s garnered. These sports betting apps NYC are not yet available but as sports betting laws change in 2019 you will soon be able to start placing bets on mobile devices. These are among the most trusted names in the US betting industry and you will be sure to enjoy great odds, super rewards, and a secure experience as you access any of these online sports.
— Andrew Cuomo (@NYGovCuomo) January 19, 2021
Cuomo wants New York to get most, if not all of the revenue generated from legalizing mobile sports betting and stated he prefers the market be run similar to the lottery system.
- Dec 18, 2020 Mobile sports betting has been a thorny issue in New York since the Supreme Court declared PASPA unconstitutional. New Jersey and Pennsylvania have grown into sports betting Meccas where bettors wager hundreds of millions of dollars a month on sports. However, most of those wagers are made online.
- ATLANTIC CITY, N.J. (AP) — On a day when New York's governor did an about-face and embraced mobile sports betting as a way to deal with financial losses stemming from the coronavirus pandemic, a.
- Jan 06, 2021 New York is set to become the most-populous state yet to allow mobile sports betting under a plan proposed Wednesday by Governor Andrew Cuomo. The governor, who faces a $16 billion budget gap.
“The second alternative is to have the people of the state of New York get the profits from mobile sports betting and run it the way we run the state lottery, which is its state-run and the state gets all the revenue. I’m with the people. And I believe the people of the state should get the revenues. This is not a moneymaker for private interests to collect just more tax revenue. We want the actual revenue from the sports betting.”
Cuomo’s proposal could cause a political stalemate between him and state legislatures down the road, which could hold up the process of bringing mobile sports betting to New York.
Before Cuomo made his address, the Senate Committee on Racing, Gaming, and Wagering passed Senate Bill S1183.
The bill proposed by (D)Sen. Joseph Addabbo of the 15th State District would legalize mobile sport betting in New York by having online sportsbook operators tether to a retail casino. This format is used throughout the country and is used in New Jersey.
This bill will now go to the desk of New York’s Senate finance committee headed by (D)Sen. Liz Krueger, who has opposed sports betting before.
New York is missing out on millions in revenue simply by not legalizing mobile sports betting. According to a press release by Governor Cuomo, nearly 20% of New Jersey’s sports betting revenue comes from New York residents.
Nonetheless, with one of the largest populations in the US, New York could be a behemoth in the burgeoning US sports betting market, and lawmakers in the state know this.
“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 revenue here at home, which will only strengthen our ability to rebuild from the COVID-19 crisis,” saidCuomo in a release just two weeks ago.
Although it seems like New York legalizing mobile sports betting is inevitable, the process is still far from over until the lawmakers in the Empire State can agree on who gets the revenue and how many operators will be in the market.
Cuomo doubling down on his stance sets the stage for what could be a lengthy political battle.
News tags: Andrew Cuomo mobile sports betting New York Online Sports Betting Sen. Joseph P. Addabbo Sen. Liz Krueger
Coming from a strong background of writing, Robert writes stories that not only inform the reader but introduce them to new perspectives about topics they may already know. When not pumping out content Robert enjoys playing NBA 2k, and watching any sports that are on TV.
It took a second, more deadly wave of the coronavirus to get Andrew Cuomo to come to his senses.
New York State Sports Betting
Facing a budget deficit in the billions due to COVID-19, the governor of New York is throwing his support behind legislation in the state senate to approve and permit mobile sports betting in the Empire State.
Proponents say having mobile betting could generate hundreds of millions, perhaps even billions in revenue for a state that is staring at a budget deficit of at least $70 billion over a four-year span.
“I’m not here to make casinos a lot of money. I’m here to raise funds for the state,” Cuomo said. “So we have a different model for sports betting.”
Right now, the current model is lacking. There are eight retail sportsbooks in New York, none in the New York metropolitan area. Combined, they don’t generate a lot of revenue for the state. Legalize mobile betting and that changes the entire picture dramatically.
Customers will have convenience working for them. They’ll be able to bet in-game as well as props and other wagers.
.@NYGovCuomo Offers Few NY Mobile Sports Betting Details in Speech > https://t.co/Gs5jFJ7I1q via @gambling_com#NewYork#coronavirus#ssportsbetting#mobile#stateofthestate
— Sweet Lou Monaco (@loumonaco) January 12, 2021
For residents of the five boroughs, Long Island and Westchester, not only will those people who live in the state’s most populous area have access to legally bet, they no longer have to do business in New Jersey. An estimated 25% of that state’s mobile business are with New Yorkers. And we all know how well Jersey is doing in the sportsbook world. It is approaching $1 billion in monthly handle.
In Western New York, home to the NFL Buffalo Bills and the NHL’s Sabres, mobile betting would be a boon to customers there. And once the border with Canada reopens, it could create a market for Canadians to sign up for mobile accounts, come into New York and wager, much like New Yorkers currently do in New Jersey.
Cuomo should take it two steps further. One, allow retail books at the two New York-area racetracks that have casinos on their property — Resorts World which is at Aqueduct in Queens, and MGM, which is at Yonkers Raceway just north of the New York City border. If you want to include other tracks such as Saratoga, Finger Lakes, and harness tracks such as Buffalo Raceway and Tioga Downs, great.
Two, allow sportsbooks in the sports venues. Let Yankee Stadium and Citi Field have a retail book. Permit Madison Square Garden in Manhattan, Barclays Center in Brooklyn and the new UBS Arena at Belmont Park to operate a book, much like Capital One Arena and William Hill are doing in Washington D.C.
Give customers more options and they’ll likely spend more. Now is not the time to limit your ability to generate revenue.
This is what Joe Addabbo has been saying for the last two-plus years. The state senator from Queens, whose district includes Aqueduct and Resorts World Casino, told Gaming Today last month that mobile sports betting would be big for the state and help give the sagging coffers a significant boost.
Mobile Sports Betting Sites
“The deficit and debt would be offset by the revenue brought in via mobile betting,” Addabbo said. “It’s a no brainer.”
It would also be wise to allow multiple operators to be licensed. Competition is good for consumers and the state can reap more fees in licenses with multiple vendors or “skins.” Let William Hill and BetMGM duke it out with FanDuel, DraftKings and BetRivers and give customers incentives to sign up. Tax them a little higher, but not too high so as to discourage them from doing business in New York.
Ny Mobile Sports Betting Sites
This is a great opportunity for New York to generate much needed revenue without taxing its residents further. Cuomo should not limit his options. Get mobile up and running. Open retail books at New York’s sports venues. Do business with reputable, proven operators. Then watch the sea of red ink your state is wallowing in reduce itself significantly.
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Either that or charge people $30 to cross the Verrazano Bridge.