The governor, together with state senate majority leader Andrea Stewart-Cousins and assembly speaker Carl Heastie announced their agreement on the budget last Tuesady (6).
Under the budget legislation, the state will issue a request for applications and must select at least two platform providers, who will work with a total of at least four operators or skins.
Cuomo’s office says that once it is fully phased in, legalization of the vertical will provide more than US$500m in revenue for the state, with the possibility of becoming the largest sports wagering market in the US.
The governor’s office said that once fully phased in, the program will provide US$5m annually to youth sports and US$6m to combat problem gambling, double the resources currently available. The remainder of the new revenue will be dedicated to education, it said.
“New York was ambushed early and hit hardest by Covid, devastating our economy and requiring urgent and unprecedented emergency spending to manage the pandemic,” Governor Cuomo said.
He went on to describe the budget plan as “making historic investments to reimagine, rebuild and renew New York in the aftermath of the worst health and economic crisis in a century.”
Source: GMB / iGB North America
