Home News NY Governor Cuomo floats sports betting as potential revenue source

NY Governor Cuomo floats sports betting as potential revenue source

Published on December 17, 2020

Ezra Amacher

New York Gov. Andrew Cuomo proposed sports betting as a source to generate tax revenue, a nod to a potential path for legalized mobile sports wagering in the country’s fourth-most populous state.

Cuomo made the remarks during one of his televised briefings on the Covid-19 pandemic.

“Are there other ways to get revenue? How about marijuana? How about sports betting?” Cuomo said. Cuomo remarked that the state needs to create $15bn in revenue to shore up a widening deficit.

Cuomo has long been perceived as the biggest hurdle in New York legislators’ efforts to push mobile sports wagering.

Sen. Joseph Addabbo, the New York state Senate’s top proponent for sports betting, told The Action Network to operate on the side of caution regarding Cuomo’s comment.

“This isn’t the green light. But it’s at least promising that it’s on his mind,” Addabbo said.

DraftKings trading shot up 6.5% to $53.80 on the heels of Cuomo’s remark, a sign that Wall Street is glued to any movements on the New York sports betting front.

Cuomo’s attention on sports betting may have something to do with neighboring New Jersey, which is coming off a historic November that saw sportsbooks produce $932m in handle and more than $50m of revenue.

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