NY’s lack of Sports Betting Options is New Jersey’s Gain
While State Legislators in New York’s state capital of Albany snooze on legal sports betting, online sports books and casinos in neighboring New Jersey are reaping the benefits as hordes of New Yorkers travel to the Garden State to place their bets.
As each day that passes without the legislature in New York State moving on legalizing sports betting, or online casinos, the Empire State continues to miss out on much needed potential revenue to fund New York State’s education, infrastructure and essential services. Instead, that revenue that is quite literally crossing the Hudson over to New Jersey as the Garden State rides a revenue collecting bonanza from legalized sports and online betting. If an electronic device being used for online gambling has GPS coordinates that place it in New Jersey, then the gambling action is permitted, and the geolocation technology works superbly. What this means is that New Yorkers in their tens-of-thousands each week are crossing the border into New Jersey (even to the middle of George Washington bridge will do – with internet-enabled cell phone in hand of course) to be able to gamble and place their bets on their favourite sporting teams in New Jersey’s online sportsbooks.
New York State needs the Sports Betting Revenue
Supporters of legalized sports betting in New York State estimate that New York could possibly net in between $10 million and $30 million a year in extra revenue for state government services from its own legal sports betting industry.
Democratic New York State Governor Andrew Cuomo has gone on record stating that he is open to the idea of sports betting but quite strangely, it was not included as one of his top 2019 legislative priorities as per his legislation announcement. Meanwhile, the wave of New York residents flooding to bet in New Jersey continues.
“We continue to evaluate the issue and the actions of other states in order to decide the best way forward for New York,” a Cuomo spokesman, Rich Azzopardi, announced recently.
Supporters of legalized sports betting and online casinos in New York are frustrated and disappointed with the bureaucratic foot-dragging taking place at the State Legislature in Albany, despite New York State’s lawmakers vowing that sports betting would be addressed in 2019.
“It’s not a question of if we’re going to do sports betting, it’s when,” said State Senator Joseph Addabbo (Democrat-Queens), the new chairman of the New York State Senate Racing, Gaming and Wagering Committee. “Everybody is looking for a piece of sports betting. We want the revenue.” the Senator added.
Meanwhile with the MLB Season Approaching, New Yorkers Gamble in NJ
As the Mets and Yankees put the final touches to their spring training, New Yorkers continue to flood New Jersey’s legal online sportsbooks to place their sports wagers.
All of this comes at a time, when the New York State Budget needs every little bit of assistance it can. A projected $2.3 billion budget shortfall in the wake of a massive downturn in state tax revenues is simply the tip of a budgetary disaster iceberg. A legislative push to implement sports betting in New York, and most importantly, online mobile wagering, should potentially be at the top of the State Legislative agenda in Albany.
According a recent report by industry-leading research body, Gaming Compliance, stating that (if legalized) the New York sports betting market could be worth a minimum of $700 million in revenue annually by 2023.
Before New York can become the state with the biggest potential sports betting windfall, it must first pass a law to legalize sports betting.
Albany, New Yorkers are waiting.