New York Governor, Andrew Cuomo, endorses mobile sports betting, asserting New York's potential to become the nation's largest market in the realm.
Hear Ye! News Flash: New York's Gov. Cuomo U-turns on mobile sports betting! Now, he's all gung-ho about legalizing online betting as a major revenue boost. It's about time, eh?
His decision comes as the Empire State grapples with a massive economic crisis, pummeled by COVID-19. You might wonder: Why now? Well, the prospect of tapping into a multi-billion dollar market seems rather appealing. And with the state facing a whopping revenue deficit of almost $60 billion, every little coin helps, right?
Cuomo had previously been a stiff opponent to the idea, but his stance softened at a press conference last month when he SLUGGED sports betting and legal marijuana as potentially lucrative revenue sources. In the 80s, his pops, then-Gov. Mario Cuomo, even sought to raise cash for education through a sports lottery. But since that initiative didn't require a constitutional amendment, it's up for debate if the same holds true today.
As for the nitty-gritty details of how the online sports betting market will operate, only the state's Executive Budget (due Jan. 19) will spill the beans. Will they go with the New Hampshire model, awarding an exclusive contract to a single operator? Or will they open it up to multiple players? Only time will tell.
If all goes according to plan, New York could potentially generate hundreds of millions in additional revenue per year, thanks to a lottery-run sports betting operation. Under this model, the private sector would manage the mobile sportsbooks, while the state snags the lion's share of the leftovers—with a few bucks returned to bettors.
With a population of almost 20 million, New York's sports-betting potential is as vast as the Grand Canyon. It's only a matter of time before it trumps any other state in betting numbers. But the Garden State better watch its back!
In the meantime, your favorite sports-betting stocks like DraftKings, FanDuel, and BetMGM are rubbing their hands together, eager for a slice of the New York pie.
But here's the kicker: Critics argue that a single-operator model could suffocate competition and drive bettors to offshore sites or neighboring states. Keep your eyes peeled for more developments as this story unfolds. Will New York's move muzzle the competition, or pump new life into the sports-betting industry? Only time will tell!
- Gov. Cuomo, after initially being against it, is now advocating for the legalization of mobile sports betting, seeing it as a potential revenue booster in light of the fiscal crisis faced by New York.
- As the state faces a massive revenue deficit of nearly $60 billion, the prospect of tapping into the multi-billion dollar sports betting market seems appealing.
- At a press conference last month, Cuomo mentioned sports betting and legal marijuana as potential revenue sources, echoing his father's past attempts to raise funds through a sports lottery.
- The specific details about the operation of the online sports betting market will be revealed once the state's Executive Budget is unveiled on January 19.
- If the lottery-run sports betting operation is successful, New York could potentially generate hundreds of millions in additional revenue per year, with a portion going to the state and the rest returned to bettors.
