New York state has approved a limited-operator, government-bid online sports betting backed by Governor Andrew Cuomo.
The model has drawn criticism from state legislators and gaming industry experts but is set to be signed into law after it was included in the state’s $200 billion fiscal year 2022 budget.
New York State Finally Approves Online Sports Betting New York State Finally Approves Online Sports BettingA recent study by the governor’s office revealed that as much as 20% of New Jersey’s sports wagering revenue comes from New York residents. As a result, industry experts project that mobile betting could account for as much as 90% of New York’s sports wagering handle once it gets off the ground creating an industry that could be worth hundreds of millions to the state.
The approval of Gov. Cuomo’s preferred model brings to a close the months long stalemate between the governor and his own party members who had originally backed a proposal for legal sportsbetting in New York that include provisions for 14 online licenses.
New York State Finally Approves Online Sports Betting
Image credit: Zack Seward / CC BY-ND 2.0
