New York Governor Andrew Cuomo is making a 180 on his sports betting policies.
At next week’s State of the State address, Cuomo will introduce mobile sports betting as a potential revenue-generating measure to help offset the financial effects of the COVID-19 pandemic.
New York already has physical sportsbooks, which generated $16.3 million in 2020 revenue through November.
“New York has the potential to be the largest sports wagering market in the United States,” Cuomo said in a statement to The New York Daily News.
The move comes as neighbor New Jersey continues to set monthly sports wagering records, taking in $931.6 million in bets in November, 90% of them online. Sportsbooks netted $50.6 million in revenue from the month’s wagers, and $6.2 million in taxes went to the state.
According to a recent industry survey, 20% of New Jersey’s sports wagering comes from New York residents.
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