NY governor still open to sports betting but prefers lottery model

Alonzo Simpson
January 21, 2021

He said Washington is "legally, ethically and politically responsible" for providing ny with the aid he's demanding President-elect Joe Biden the Democratic Senate either bend to his wishes or face legal action.

Jeremy Goldberg, who spent more than a year as New York State's interim chief information officer and also served as a key adviser to Gov. Andrew Cuomo during the state's response to the COVID-19 pandemic, announced last week that he's joined Microsoft's Worldwide Public Sector division.

He called on the federal government to give NY a whopping $15 billion as part of a sweeping pandemic relief package, and threatened to sue the federal government if it doesn't come through. That money is needed, Cuomo said, to make up the state's budget deficit that has been accrued due to the pandemic. One proposal is we allow casinos to run mobile sports betting.

Cuomo wants NY to get most, if not all of the revenue generated from legalizing mobile sports betting and stated he prefers the market be run similar to the lottery system. I'm with the people.

Andrew Cuomo has been flirting with the idea of bringing mobile and online sports betting to the Empire State for several weeks now, causing both excitement and surprise at the proposed model he considers best moving forward. This is not a moneymaker for private interests to collect just more tax revenue.

Speaking to Yaniv Sherman, 888's SVP and Head of USA earlier this month, we found out that, as Sherman pointed out, sports betting is not a top political issue for the state.

The bill, which provides and defines the terms for regulation of sports betting and mobile sports wagering and opens wagering to multiple sports operators with locations at sports stadiums and arenas to racetracks and casinos, now moves to the state senate's finance committee. As of noon today, those proposed bills were not yet public.

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"Mobile sports betting we think could raise $500 million dollars".

Currently, the top 5% of NY residents pay 61.8% of the total personal income tax liability.

Cuomo noted that if NY gets $15 billion, that would only be 4.3 % of the $350 billion, and NY has 5.9% of the population in the country.

The New York State budget for 2021, will include a Pandemic Recovery and Restoration Program.

NY is missing out on millions in revenue simply by not legalizing mobile sports betting.

Nonetheless, with one of the largest populations in the US, New York could be a behemoth in the burgeoning US sports betting market, and lawmakers in the state know this.

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