The governor, along with state senate majority leader Andrea Stewart-Cousins and assembly speaker Carl Heastie, announced their agreement on the budget yesterday (6 April).
Under the budget legislation, the state will issue a request for applications and must select at least two platform providers and a total of at least four operators or skins.
Cuomo’s office expects that once fully implemented, the legalization of the vertical will generate over $500m in revenue for the state, potentially making it the largest sports wagering market in the US.
Neighboring New Jersey, currently the largest market, brought in $46.2m in February 2021 and a record $82.6m the month before, suggesting that the state of New York could receive at least half of the mobile betting revenue to surpass $500m.
Once fully phased in, the program will allocate $5m annually to youth sports and $6m to combat problem gambling, double the existing resources. The remaining revenue will be dedicated to education.
Read the full story on InnovateChange North America.
