As legislators in New York continue to push to bring sports betting to the state, Senator Joseph P. Addabbo, Jr., Chairman of Committee on Racing, Gaming and Wagering, is pointing to revenue numbers enjoyed by a neighboring state which already has legalized sports betting.
According to New Jersey’s Division of Gaming Enforcement, the state took in $31.7 million in Sports Wagering Gross Revenue for the month of March alone. Additionally, for the first three months of 2019, Sports Waging Gross Revenue in New Jersey is at $63.2 million.
“March is a big month for sports betting, with the March Madness college basketball tournament kicking off, and our neighbors in New Jersey have shown us here in New York just how much revenue can be made from legal sports betting with a mobile component, such as a smartphone or computer,” Addabbo said. “New York could be reaping those same benefits, while simultaneously increasing our educational funding, if we are able to get mobile sports betting passed before session ends in June. It is a shame that our residents who wish to participate and enjoy legal sports betting must jump ship to other states. That is money taken out of our budget for important things like education.”
The Senator references the fact that a portion of all gaming revenues in New York provides funding for education and that future sports betting in our state will only take place in the four upstate casinos.
Addabbo noted that many New Yorkers who are looking to place legal sports bets are forced to travel to other states, like New Jersey and Pennsylvania.
“New York has already missed out on cashing in on major sporting events like the Super Bowl and March Madness,” Addabbo added. “As time continues to tick and the longer we sit on the sidelines without legalizing mobile sports betting, we are potentially missing out on millions in revenue that other states make with events such as the Triple Crown horse races, World Series, and more. The time to enact mobile sports betting in New York is now, before we lose even more money to our neighboring states and miss the opportunity to increase educational fudning.”