New York sports betting market could be launched in 2021

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New York sports betting market could be launched in 2021
Foto: Blog 123 Milhas

After New York Governor Andrew Cuomo finally admitted in December that speeding up the discussion on betting would be a positive thing, supporters of the idea over the past two years have renewed hopes of achieving their goal.

Senator Joseph Addabbo and Congressman Gary Pretlow have been trying to get the state to speed up the deployment of the gaming market, but Cuomo has repeatedly made it difficult.

Now, facing a huge budget deficit, the government has opened its eyes to reality and Pretlow is optimistic that the governor’s change in attitude will help New York regulate sports betting before the end of the year.

Cuomo, who was heavily criticized for decisions that did not seem to be in the interest of New Yorkers, was adamant that the introduction of more sports betting would be harmful and that online games, in particular, would require an amendment to state law.

However, he has completely changed his mind lately, while facing the lack of billions of dollars in his budget. Sports games and marijuana are seen as a way to make up for these losses.

Addabbo recently told “I am still optimistic that if it is in the April 1 budget, with a little initiative, our state government will be able to operate until September 9, which is the first day of the NFL season” .

New York government can earn up to $ 100 million annually with tax rates from the betting industry

New York has been overtaken when it comes to the potential revenue that sports betting can bring. The state has four operators, all in the interior, which combined generated $ 3.6 million in revenue last January.

Indiana, in the same month, had $ 29.3 million in gaming revenue, and the state is only a third the size of New York in terms of population.

Addabbo believes that, with quick decision-making, the state can get back on track, but adds: “We are that car on the right track with flat tires. And other fast cars like New Jersey and Pennsylvania are passing us by. It is a strange place for New York ”.

Based on the senator’s proposal, still in negotiations, New York sports betting would pay 10% tax. Studies have shown that the local market can be worth up to $ 1 billion a year, which would result in $ 100 million in annual tax revenue for the New York government.

That alone should be enough for politicians to take the issue more seriously, especially considering that New Yorkers are already crossing borders to place their bets. Addabbo knows that there is still work to be done.

“I think that this is all part of the budget negotiations. The license fee and the tax rate are part of the budget negotiations. Everything integrates the discussions that we will have and that is where we will need to reach an agreement ”, he concluded.