New York Gov. Andrew Cuomo announced Tuesday that the state will soon allow mobile sports betting services. The governor’s office also noted in this announcement that the move would help funding for schools and other services.
This is part of the fiscal year 2022 budget for New York, which was approved on Tuesday. Since it’s not in effect yet, the sports betting part of it isn’t either. However, that didn’t stop Cuomo’s office from estimating an additional $500 million in annual revenue from that part of the budget when he made his announcement on Twitter.
“The law allows the state to directly operate mobile sports betting, so the $500 million will go to the state rather than a lot of middlemen who operate mobile sports betting, which is what many other states have done,” Cuomo said during a press conference Wednesday, per Business Insider. “This is more like the state lottery, where we operate it and we get the resources.” Read more