Back in March, New York was decimated by the coronavirus, which shut down the city for months. Now, the Empire State faces a budget deficit that attended as the state looks for different revenue streams to help patch it.
One thought has been legalizing mobile betting, so New York sports bettors do not have to travel to upstate New York, or New Jersey, to place legal bets. However, the move on mobile betting has not been as well taken as some were expecting.
Now, New York lawmakers are considering legal sports betting as a revenue stream to help patch the $13 billion budget deficit. As steam picks up on the thought of legal sports betting, not everyone is on board, however.
New York Mobile Betting Update
Senator Joseph Addabbo originally proposed sports betting and quickly moved through the Senate chamber in New York. Addabbo estimates that New York could see $200 million in revenue if mobile betting became legal.
When the bill moved over the New York Assembly, they had a more difficult time getting anything done. However, with the coronavirus decimating the New York state budget, Assembly Speaker Carl Heastie has become more open towards the fact that mobile sports betting should be legal.
The Assembly reconvenes next week in Albany, and Heastie has been secretly polling lawmakers on if they are for or against a mobile sports betting bill. New York would need 76 votes for the bill to go through. Early reports say the Heastie has an unofficial count of 69 votes in favor of passing a sports betting bill.
New York Mobile Betting Impact
If New York legalizes mobile betting, then that will keep hundreds of millions of dollars within the state. Right now, New Yorkers find it easier to cross the Hudson River to place bets in New Jersey, rather than heading to upstate New York to place bets.
New York has also kept private casinos closed due to the coronavirus outbreak as Atlantic City reopened earlier this month.
In 2019, experts estimated that New Yorkers wagered over $800 million in New Jersey. New Jersey also sees close to 90 percent of the bets made via mobile devices within their state.
Addabbo himself believes New York could see $200 million in revenue once the market matures in the Empire State. New Jersey has a population of less than half the size of New York. However, New Jersey sees almost 10 times the amount of revenue from sports betting than New York does.
This goes to show how vital New York is to the state of New Jersey, and New York could keep the revenue within the state if they legalize mobile betting. New laws surrounding the idea will allow New Yorkers to bet within the city instead of crossing the border.
New York City is the largest city in the U.S. and could become a major sports betting hub. However, they will need to expand sports betting in the state for that to happen. Now might be the time for New York to capitalize on the situation.