ALBANY, NY — December 22, 2020 — New York Governor Andrew Cuomo has highlighted sports betting as a potential revenue generator to help New York raise new revenue as the state faces a shortfall of funds for its budget.
New York State is more than $50bn in debt between state and local governments. It is facing a $15bn budget deficit with or without federal funding package.
Governor Andrew Cuomo said: “We need $15bn. You want to raise taxes? Fine. From who? And where do they go? You want to do cuts for the rest? Fine. From where? Education? Housing? Health care? And, are there other ways to get revenue? How about marijuana? How about sports betting? Marijuana, we were supposed to have done for the past two years anyway, and would raise revenue. This is all hard. But pressure also forges diamonds
Senator Joseph Addabbo Jr. said the first quarter of 2021 was the earliest any legislation could be contemplated.
“We’re running out of time for this year so now we look at next year but I can’t see us waiting until the April budget,” he said. “I’d love for something to happen before the 31st. I’m just not so optimistic about it.”
If New York was to fully legalise sports betting, it would become the biggest state in terms of population to do so, overtaking Pennsylvania. New Jersey’s sportsbooks have just enoyed their best months in US sports betting history generating $931m in wagers in November. Deutsche Bank gaming analyst Carlo Santarelli believes a tax rate on mobile sports wagers of between eight and 13 per cent would provide between $75m and $125m in annual tax dollars for New York’ state coffers.