“Are there other ways to get revenue? How about marijuana? How about sports betting?” New York Governor Andrew Cuomo made waves when he uttered these words in last week’s COVID briefing, offering hope to Big Apple gamblers and suggesting sports betting might be used to reduce debt.
While this statement is not a direct endorsement of legalized mobile betting in one of the country’s ripest markets, it does address the questionable gaming legislation currently in place in the Empire State.
New York currently allows bettors to place wagers at land-based establishments only, with online wagering remaining illegal. As neighboring states have shown, mobile wagering has proven to be the main driver of sports betting revenue, and current laws are restricting the state from enjoying the full financial benefit of sports betting revenue on tap.
These comments come just days after New Jersey reported a record $931.6 million handle in November, the highest monthly total reported by any state since the overturn of PASPA.
Most of this betting came in the form of mobile wagering via one of the numerous sports betting apps available in the Garden State. With estimates claiming that New Yorkers have accounted for over $918.8 million bet in New Jersey in 2020 alone, it is clear the New York is passing on potential taxable revenue to its neighbor to the south.
Need more proof?
A short train ride under the Hudson River will land you in a subway station full of Manhattan workers locking in their bets on their lunch brakes, a trip that has become almost ritualistic for gamblers looking to lock in their bets before the game gets underway.
The terminal walls are lined with advertisements from many of Jersey’s most popular sportsbooks, pushing deposit bonuses and promos hoping to grab the attention of those making the daily commute.
Will Cuomo Make New York Mobile Sports Betting A Reality?
Let’s be honest. No one likes the sound of their own voice more than Andrew Cuomo, so seeing him ramble on through another longwinded briefing is no real stunner. The Governor could be fishing for an easy headline or potentially a new angle for another ‘self written’ book describing just how amazing he is. Most likely he is now finding himself in a similar situation to most states looking for financial relief in the current economic climate.
Over $50 billion in debt already, New York finds itself in a difficult position. With no federal relief promised, the Empire State might need to expedite the process to legalize new practices now and worry about ironing out the details later if they hope to prevent further sinking.
New Jersey’s $931.6 billion handle in November produced $50.6 in total revenue, with only $6.2 million going to the state in the form of taxes. While this number wont erase the state’s debt alone, New York finds itself in a situation where it will take every little bit of help it can, and this could lead to positive advances for those hoping to lock in their weekend bets on the train to work.