According to multiple reports, one of the most sought after states could be soon legalizing sports gambling.
New York has watched on over the last two-plus years, first as neighboring New Jersey, then Pennsylvania, legalized sports betting, and saw hundreds of millions of dollars flow into their state’s coffers, at a time when states are hemorrhaging money due to COVID-19.
But it looks like New York, and its crown jewel New York City, could soon be on the way to legalization.
New York Assemblyman Gary Pretlow told PlayNY that he had a commitment from Assembly Speaker Carl Heastie to include mobile sports betting in a revenue bill next week. According to the story on Investors.com, legalization could be a boon to gambling stocks such as DraftKings, Penn National Gaming (and partners Barstool Sports) and other betting apps in New York, who are both well positioned to jump into the new markets throughout the state.
New York is the fourth most populous state in America, behind California, Texas, and Florida. Four of the next five behind the Empire State have either legalized sports betting already (Pennsylvania, fifth; Illinois, sixth; Michigan, 10th) or could very likely pass a law to legalize it by the end of the year (Ohio, seventh).
NY Online Sports Betting To Be Massive
Obviously, New York City, and its 10 million inhabitants, would bring a massive influx of money into the new sports betting market. Already, many hop across to New Jersey, and add to the record revenue each month for the Garden State. Right now, New Jersey is setting records with each new flip of the calendar. In October alone, the state brought in over $800 million on sports, which broke the record from September ($748.5 million), which broke the record from August ($667.9 million).
With numbers like that from its neighbors, knowing the population of New York City is more than of the Garden State, the potential could be staggering for New York.
“Sports betting will be legalized in 2021,” said Rep. Sean Scanlon, incoming House chairman of the legislature’s finance committee. “You can bet on it.”
So be ready for a flurry of states joining the revolution sweeping the country.
It is expected that 10-15 mobile sportsbooks are going live in NY state in 2021 if/when online sports betting is legalized there.