New York State gaming enthusiasts eye the year 2020 as a potentially special one, as it could see the official greenlighting of online sports wagering. With the appropriate bill guiding the process, lawmakers supporting the offering look forward to seeing more action. Sen. Joseph Addabbo Jr. recently expressed his optimistic outlook on mobile sports betting, as there is a US$6-billion gaping hole in the state budget.
Wagering on single events within the borders of New York State was legalized this summer, but solely in its on-person wagering form. This means that players have the right to place their bets only in commercial and tribal casino venues sprinkled across the state. Mobile sports betting has increased popularity in neighboring states to the likes of Pennsylvania and New Jersey.
Wagering Expansion Might Happen Soon
There is a US$6-billion hole in New York State’s budget at the moment, something which could be aided through the gaming revenue generated via legalized mobile sports wagering. This year is projected to see more action on the subject, as Sen. Joseph Addabbo Jr. could soon renew efforts towards legalizing the mobile gaming offering.
He pointed out that the hole is a rather large one and a new source of revenue would have to be introduced. Mobile sports betting could meet the expectations of local players, making it possible for them to gamble whenever they feel the need for it, and wherever they might find themselves. A significant boost to this expansion would be the Governor’s support, as he warms up to the idea of online sports wagering.
It should also be taken into account that the companies seeking an opportunity of offering their sportsbooks in their online version would have to pay for the licenses allowing them to do so. The year 2019 saw the bill highlighting some US$12 million in licensing fees, rounding the overall contribution to up to US$100 million ahead of the official launch of mobile sports wagering.
New Yorkers Gamble in New Jersey
Last year’s state of the proposed bill mandated a 10-percent tax on gaming revenue generated via wagering on sports events. In the long run, this could result in more fuel for funding state education and benefitting the community via beautification work. This summer saw the conversation of gaming expansion being renewed.
Three casino locations receiving a license for operation ahead of the previously discussed 2023 might also aid the state budget. Former Governor David Paterson announced his readiness for a new New York City casino in collaboration with Las Vegas Sands Corp. The ultimate goal would be a new gambling location in the near future, instead of waiting three years.
Mr. Peterson pointed out that this would be beneficial for the local employment market, as well as for the state budget’s well-being. While State officials weigh their options, New Yorkers make their way to New Jersey and place sports wagers via their smartphones. One of the easiest ways in which this happens is via traveling to a train station and placing a bet within the borders of New Jersey.
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