With New York State facing a major economic deficit caused by the COVID-19 pandemic and witnessing hundreds of millions of dollars in revenue and educational funding flowing to the New Jersey and illegal sports betting markets, by legalizing mobile sports betting, New York is expected to bring in around US$99 million in Fiscal Year 2021-2022. That estimated figure then jumps to approximately US$357 million in FY 2022-2023, eventually reaching over US$500 million in FY 2025-2026, most of which will fund education in the state.
Mobile sports betting will allow people to place wagers on sporting events through their mobile phones or other internet-connected devices. Thirteen other states and Washington D.C. also have legal mobile sports betting.
“We were already facing a budget deficit before the COVID-19pandemic, so we needed to find additional revenue streams for the state. There was no way we could cut our way out of the hole we found ourselves in,” said Addabbo, Chair of the Senate Racing, Gaming and Wagering Committee. “Legalizing mobile sports betting will bring in the funds needed by the state that will go towards funding our education system, problem gambling awareness programs and creating jobs,” he added.
“When New York residents travel to other states or participate in the illegal market to place mobile sports wagers, there is no way for us to identify and help them should they have a gaming addiction. By safely legalising mobile sports betting, New York State can better recognise and assist those with a gambling problem, with the help of the over one dozen safeguards and measures written into the bill’s language,” the senator also commented.
The state Gaming Commission is to start the creation of the mobile sports betting process and begin to accept bids from sportsbook providers this coming July.
Addabbo hopes to see mobile sports betting fully functional and up-and-running here in New York by the next Super Bowl in 2022. The Super Bowl is the benchmark for mobile sports betting because millions of Americans place wagers in the popular sporting event.
“While we already have in-person legal sports betting herein New York, it is clear that the states that allow for mobile wagering are far more successful,” Addabbo added. “I am hopefully that with the passage of legalized mobile sports betting, New York will soon begin to reap the benefits in terms of revenue, educational funding, addiction programs and jobs,” he concluded.
Source: G3 Newswire
