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Cuomo proposes allowing online sports betting to boost state's revenue

AP Photo
AP Photo

Gov. Andrew Cuomo has done an about-face and now embraces mobile sports betting as a way to deal with financial losses stemming from the coronavirus pandemic.

Posted: Jan 6, 2021 6:10 PM

ATLANTIC CITY, N.J. (AP) - Gov. Andrew Cuomo has done an about-face and now embraces mobile sports betting as a way to deal with financial losses stemming from the coronavirus pandemic.

Cuomo's announcement came as a company that tracks gambling legislation and performance predicted that revenue from legal sports betting could reach $3.1 billion in 2021 and as much as $10 billion within five years.

"At a time when New York faces a historic budget deficit due to the COVID-19 pandemic, the current online sports wagering structure incentivizes a large segment of New York residents to travel out of state to make online sports wagers or continue to patronize black markets," Governor Cuomo said. "New York has the potential to be the largest sports wagering market in the United States, and by legalizing online sports betting we aim to keep millions of dollars in revenue here at home, which will only strengthen our ability to rebuild from the COVID-19 crisis."

VIXIO GamblingCompliance projects that at least six and as many as 14 additional states will legalize or expand sports betting in 2021. That fits with projections by numerous analysts that nearly half the country may have legalized sports betting by the end of this year.

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