Industry Reports

NYS Mobile Sports Betting Could Reduce US$17b Deficit

Sports wagering in New York State is among the popular gaming offerings and over the past couple of years, local officials have been striving to legalize its mobile version as well. Senator Joseph Addabbo is among its supporters, as he sponsors Senate Bill 17, aiming to make mobile sports betting possible for New Yorkers. He thinks online is the way to go.

Sports betting has always been among the preferred gaming opportunities for many New York State residents even back in the days when the gaming offering was considered illegal. Locals gambled online and in-person without the regulations permitting them to do so. Last summer, commercial and tribal casinos saw the greenlighting of in-person sports betting.

This fueled their gaming revenue immensely and the fall months of 2019 were some of the most profitable for the four commercial casino locations and the seven tribal gambling hotspots of New York. For the time being, those are the only places where New Yorkers can place wagers on sports events in a legal manner and abide by the law at the same time

He had a frank conversation with LegalSportsBetting recently and he shared his position on the subject. In the light of recent events, business closures, and limited gaming revenue flow, he deems mobile sports betting an appropriate move for the government to make. Brick-and-mortar casinos across the Empire State closed for business mid-March and some of them are preparing for the reopening at the moment.

The gaming revenue deficit is expected to increase the already existing budget hole of about US$7 billion. Mr. Addabbo thinks that the unprecedented situation might tilt the scales in favor of mobile sports wagering legalization, as projections for the betting revenue it would generate are positive. He made it clear that the lockdown has resulted in another US$10 billion added to the deficit.

Commercial Casino Licenses

Sports wagering is a popular gambling offering and expectations are that many individuals would turn towards mobile betting on sports events as soon as it launches. Its accessibility and the fact that they could place a wager whenever they feel like it, would attract a larger crowd than the one at brick-and-mortar casinos.

Mr. Addabbo pointed out that local education is being partly funded by the gaming revenue generated and mobile sports wagering legalization would support New York State’s future. At the moment, local wagering fans make their way to neighboring New Jersey and Pennsylvania, in order to place a mobile wager, meaning that millions of American dollars make their way there. New Jersey single-handedly takes US$837 million in New Yorkers’ money.

Senator Addabbo also pointed out that he does not consider a constitutional amendment necessary, contrary to the opinion Governor Andrew Cuomo had previously expressed. Mr. Addabbo also wants to see the three remaining commercial casino licenses to be obtained by casino operators before the initially pinpointed date – 2023. The additional gaming revenue and the licenses are expected to bring upwards of CA$3 billion.