New York Governor backs legal mobile sports betting

Sports Betting

Gov. Andrew Cuomo will call for legalized online and mobile sports betting in New York as part of his State of the State address next week, according to the New York Daily News.

The measure will help raise much-needed revenue as the state continues to deal with the financial fallout of the Covid-19 pandemic. The state is projecting a budget deficit of over $15 billion in the next fiscal year after losing about $14 billion in the current year.

Cuomo has been hesitant to support online sports betting in the past, but legalizing it could bring the state millions in new revenue.

“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 tax revenue here at home, which will only strengthen our ability to rebuild from the Covid-19 crisis,” Cuomo said in a statement.

The state began offering in-person sports betting at its casinos in 2019. Experts have said the state has been leaving lots of money on the table by not offering online betting too.

The new proposal will require mobile betting operators to be licensed by the state and partnered with a licensed gaming facility.