New York could potentially become the largest sports betting market in the US as the state records 210.6% increase on year-on-year gross sports betting revenue
According to PlayNY projects, it is foreseen that the sports betting market in New York would potentially become the largest legal sports betting market in the United States, with a forecasted generation of $20 billion in bets per year if online betting is legalised.
New York are already heading in the right direction as the betting revenue for December skyrocketed as the New York State Gaming Commission reported a 210.6% year-on-year increase in gross sports betting revenue.
However, it will be difficult to reach the estimated $20 billion in bets per year if mobile sports betting is handled by a monopoly through the state's Gambling Commission.
Therefore, New York should really consider following their neighbouring state of New Jersey who have applied an open market as New York has the potential to generate more than $1 billion in gross gaming revenue per year from the $20 billion from bets.
A projection report published by PlayNY, which offers news and studies of the fledgling gambling market in New York, stated that, should a tax structure be implemented, then over $100 million in annual tax revenue could be brought in to the state.
New York, has already proven to be an important source of income for New Jersey. A report by game researchers Eilers & Krejcik Gaming in February 2020 estimated that the citizens of New York bet $837 million in New Jersey in 2019.
The quest for New York to become the largest sports betting market is certainly being pushed by Governor Cuomo who is looking to follow in the footsteps of New Jersey and legalise mobile sports betting which will have a major positive impact on the state's sports betting market.
However, two lawmakers are looking to draw up a new proposal to further benefit the state's sports betting market as there is growing concern that the initial proposal drawn up by Governor Cuomo in relation to sports betting, may stifle New York's growth as he wishes to run sports betting just like the lottery - with a single operator.
This resulted in Sen. Joseph Addabbo Jr. and Assemblyman Gary Pretlow advancing their vision for online sports betting together to show unification against Governor Cuomo's initial proposal.
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