The COVID-19 pandemic certainly had a large impact on many states and their ability to generate a consistent source of revenue. Businesses being shut down left and right resulted in many people without a job and the economy at an all-time low. While several states figure out a way to bounce back from the hit they took, some have already discovered the answer and began implementing it as soon as possible.
“What’s the answer?” you may ask. Online sports gambling is the route numerous states have taken in finding a reliable source of income following the global pandemic. You would think considering the large market presence in New York that they would be among the many states that have legalized online sports betting.
You would be wrong in thinking so; however, they’re on their way to becoming the next state that includes online sports gambling as part of their plan to maximize all potential revenue streams.
Current Status of Online Sports Betting in New York
Mobile and online wagering hasn’t had much success in involving itself in New York sports betting. It’s being reported that it could be legalized any time between the end of 2021 or at the beginning of 2022.
New York Governor Andrew Cuomo negotiated with state legislators for weeks in settling a deal to finally make online sports betting in New York a reality. The deal was later legislatively approved in April 2021 and could play a large contributing factor for any future success coming to New York.
Now, gaming regulators work on setting up a request in allowing sportsbooks to apply for a sports betting license unique to New York. After the process is complete, it’s become likely that there will be four different sportsbook apps, although knowing New York and their tendencies to outcompete others, they will ultimately have more than just four apps.
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Online Sports Betting in New York Compared to New Jersey and Pennsylvania
The main difference between the markets at hand is that both New Jersey and Pennsylvania allow online sports betting from anywhere within their respective borders. While New York has agreed to legalize mobile sports wagers, it won’t be ready to launch for at least a few more months.
A sportsbook isn’t as rare in New Jersey as it may ultimately be in New York. There are over a dozen sportsbooks located in New Jersey while New York has been limited to just four, as of now.
Both New Jersey and Pennsylvania feature high tax rates, but neither are expected to be in the same ballpark as New York. NY sportsbooks must pay a $25 million application fee, passing the previous high in the U.S. set by Pennsylvania at $20 million.
A New Hope
2021 has been the most promising year to date in terms of establishing a deal to bring online sports betting in New York. Given the unique situation and the state facing a budget deficit of well over billions of dollars, Governor Cuomo has finally embraced the opportunity legalizing sports betting could bring.
Year after year, New York worked endlessly on reaching a deal to legalize online sports betting. It seemed like 2020 was going to be the year until the whole world fell apart. New Yorkers don’t need to travel across the bridge anymore if they’re feeling eager to place a sports bet. With the legalization, place a bet from the comfort of your own home.
Stay with Knup Sports to keep up with news regarding New York state betting!