The idea of legalizing mobile and online sports betting has been a hot topic of debate in New York, and that debate has returned this week. A municipal bond manager is now leading the charge to legalize mobile sports betting in an effort to fix the budget crisis that is taking over the state.
The coronavirus pandemic has hit several states hard, and New York is no exception. The New York State Division of the Budget is projecting a revenue drop of close to $13 billion due to the ongoing pandemic.
Jim Colby is the man that is proposing that the state take a serious look at legalizing mobile sports betting in an effort to fix the budget issues. He has urged other states around the country to do the same thing, but New York has been slow to make these changes.
Sports betting is legal throughout New York, but all of the action is limited to retail betting at the upstate casinos. New York City is more than three hours away from any of these retail sports betting locations, and the state is losing out on millions of dollars by not allowing mobile sports betting.
Colby believes that any additional tax revenue should be considered to help solve the budget crisis, and sports betting is one of the fastest-growing industries in the country. Legalizing mobile sports betting would not solve all of the problems, but it would go along way towards closing the gap.
The state of New York continues to lose out on millions of dollars each month that mobile sports betting is not in play, and the state has yet to realize their full potential when it comes to the industry. This isn’t the first time that this debate has come up, but Governor Andrew Cuomo continues to be opposed to any new legislation.
New Jersey Continuing to Dominate the Market
The state of New Jersey has had online sports betting for almost two years, and they have emerged as one of the leaders in the industry. New Jersey is seeing plenty of betting action from residents of New York as they can easily travel across the border to place their bets.
These two states have had a rivalry that dates back several decades, but there is no comparison when it comes to sports betting and total sports betting revenue. New Jersey has brought in more than $64 million in sports betting revenue this year, while New York has yet to reach the $1 million mark.
Even though it’s impossible to calculate the exact number of bets that are placed by residents of New York, it’s pretty clear to betting experts that New Jersey is stealing some revenue. New Jersey is much smaller than New York, but their sports betting industry dominates the area.
Argument Won’t Go Away
There are two main arguments that proponents of sports betting use every time this argument is brought up. The biggest argument is that gamblers are doing it anyway, and they believe that the state should be making some money off the industry.
The other argument refers to the amount of money that the state is losing out to New Jersey each year. If online sports betting has worked in New Jersey, lawmakers believe that it will work just as well in New York.
This argument is not going away anytime soon, and it is believed that New York will eventually move to legalize mobile and online betting.
