Sen Addabbo was pleased to see mobile sports betting was included in the latest New York state budget.
He hopes mobile sports betting can be fully operational and running in New York in time for next year’s Super Bowl.
According to the New Jersey Division of Gaming Enforcement, Garden State residents bet $117m on last year’s Super Bowl, which showed a 116% increase from the previous total of $54m in bets.
The legalization of online betting in New York would bring an estimated $99m in fiscal year 2021-2022, with this figure projected to rise to $357m for 2022-2023 and eventually surpass $500m by 2025.
So far, the money in New York that goes into sports betting is being directed towards illegal markets. Addabbo hopes that with its legalization the state can profit from the proceeds and use it for educational funding.
Addabbo, the chair of the Senate Racing, Gaming and Wagering Committee, said: “We were already facing a budget deficit before the COVID-19 pandemic, so we needed to find additional revenue streams for the state. There was no way we could cut our way out of the hole we found ourselves in.
“Legalizing mobile sports betting will bring in the funds needed by the state that will go towards funding our education system, problem gambling awareness programs and creating jobs.”
A study from 2019 showed that New York residents wagered $837m in New Jersey on sports bets.
“When New York residents travel to other states or participate in the illegal market to place mobile sports wagers, there is no way for us to identify and help them should they have a gaming addiction,” Addabbo added.
The state regulator is set to start processing mobile sports betting and beginning to accept bids from sportsbook providers in July.