New York looking into marijuana and sports betting to boost economy
New York Governor Andrew Cuomo is looking into following the state’s neighbours by legalising mobile sports betting and recreational marijuana in order to boost its economy which was greatly affected by the pandemic.
According to Reuters, Governor Cuomo seeks to follow in the steps of neighbouring state New Jersey by legalising mobile sports betting and the use of recreational marijuana. These changes will most likely help improve the economy of the state after a drastic downfall during the COVID-9 pandemic.
Governor Cuomo stated:
“New York has the potential to be the largest sports wagering market in the United States and by legalising online sports betting we aim to keep millions of dollars of tax revenue here at home, which will only strengthen our ability to rebuild from the COVID-19 crisis.”
Many states across the United States have legalised sports and mobile betting as they are all looking into new sources of income to recover from the pandemic which has negatively affected all economies across the globe.
Under Governor Cuomo’s proposal, the New York State Gaming Commission will be given the authority to choose a sports operator that is already in partnership with a licenced casino. The disadvantage of this proposal for operators is that a large part of the revenue will go directly to the state, and not the casino.
Cuomo also said: “We want to do so the way we do the lottery, where the state gets the revenues.”
The Governor’s administration also stated that it is estimated that New York will be able to add $500 million a year to the state’s economy should these plans go through.