New York Governor Andrew Cuomo addressed sports betting for the second time in just the last few days. In the past, that subject was generally off-limits when questioning the Governor.
Cuomo talking about sports betting during the daily state briefing by the government is perceived as a bit of good news for those that want sports betting to become a reality in the Empire State. While it has become common knowledge that Cuomo is more amenable to online sports betting, some sports betting advocates still have lingering questions.
Those sports betting advocates have been dismayed during the last time the Governor made commentary about sports betting. The last time he mentioned the subject, Cuomo indicated that he would support a single type of platform, meaning stopping all legitimate sports betting
competitors from getting in on the action. Cuomo and his team are expected to accept proposals from sportsbooks that already have established relationships with casinos in the New York area. The early frontrunners are said to be DraftKings and FanDuel.
Sports Betting Advocates Want Competition
If Governor Cuomo goes ahead with his plan for a single sportsbook, the chosen sportsbook will be the only one that operates online sports betting in New York.
There will be a severe budget shortfall in the state this year due to COVID-19 and other issues. New York is currently losing out on a very lucrative industry that has New Yorkers crossing over into nearby New Jersey to cast their bets. Cuomo has told his team that he knows the state is losing out on millions of dollars in sports betting revenue and needs to find a solution to end this situation.
An official press release by the Governor’s office said, “At a time when New York faces a historic budget deficit due to the COVID-19 pandemic, the current online sports wagering structure incentivizes a large segment of New York residents to travel out of states to make online sports wagers or continue to patronize black markets. New York has the potential to be the largest sports wagering market in the United States. By legalizing online sports betting we aim to keep millions of dollars of revenue here at home, which will only straighten our ability to rebuild from the COVID-19 crisis.”, The current statement is the first the Governor gave this week.
Governor Expected To Further Explain His Position
Governor Cuomo is expected to discuss his plans for sports betting for the state in greater detail in the coming days. A source revealed to the New York Times that Cuomo would be fine-tuning the plans for sports betting, and those plans will be relayed to the people of New York. Shareholders who own stock in various sports betting platforms said Cuomo’s plan for sports betting is “an ill-formed strategy, it’s never a good thing not to have honest and fair competition.” Some horse racing tracks in New York have their own sportsbooks, and under Cuomo’s plan, race tracks and even NASCAR will be left out entirely.