Published: 23.01.2020, 19:40
2 min read
It seems that sports betting enthusiasts in New York are going to have to wait a minimum of one year in order to be able to participate in online sports betting. This Tuesday, the Governor of New York, Andrew Cuomo, has provided the 2021 annual budget proposal. According to the budget, the sports betting industry in New York has little investments.
- READ ALSO: New York Betting Approved by Senate
The Current Situation
At the moment, gambling is run by several tribal gaming venues as well as 4 casinos in the upstate. However, online/mobile gambling isn’t permitted and a person who wants to wager has to travel upstate or to New Jersey in order to gamble which takes time.
The Governor has proposed that gambling should be authorized outside of the casinos’ sports lounges. This means that the travel times could be decreased with additional betting places opened up in the city or even automated wagering kiosks.
Revenue Projections to Change the Governor’s Mind
Cuomo believes that in order to legalize online betting, a constitutional amendment would be needed. Joseph Addabbo Jr., the state Senator doesn’t agree with the Governor. Addabbo hoped that Cuomo will embrace the online gambling industry once he realized that the revenue projections were substantial.
Still, as Cuomo implies that he doesn’t rely on the promising projections from “creative although irresponsible revenue sources”. This statement is tied with the legalization of the upstate casinos in 2015. The projections for the casinos were huge but most are managing to generate half of the projected revenues. Some are even nearing bankruptcy.
Still, the budget proposal of the Governor isn’t the end of the story. By April the 1st, 2020, state’s legislative chambers will haggle on the budget. Additionally, there is a minor possibility that the legislature will pass a standalone digital betting law before the end of the session on June 2.
