Online sports betting in New York poised to bring $500M to the state
Online sports betting will be allowed in New York state as part of the new budget deal. It could bring in hundreds of millions of dollars in revenue.
The details are still being worked out as to which apps or companies will be allowed to participate.
Sports bettors told News 12 that they are excited about the prospect of pulling out their phones and betting on a game legally in New York.
“They will be able to do that by the end of the year, and it will likely be with a lot of the familiar names and companies that we're used to hearing in the space,” says Jared Smith, a sport betting analyst and freelance News 12 sports anchor.
Smith admitted to driving to New Jersey just to place a legal bet on his phone.
“Right off the [George Washington Bridge], I'd make my bets and go back,” he says.
Smith says he believes FanDuel and DraftKings will be the only two operators in the state after it submits proposals.
While there won't be sports betting kiosks at arenas or OTBs, sports bars, Smith says, could see a boost in business.
Dr. Jeffrey Reynolds, of the Family and Children’s Association, says legalized online sports betting in New York could create a problem for those who suffer from addiction.
“We're now putting a casino, literally in everyone's back pocket,” he says. “If we're going to do that, we need to make sure we're dealing with the 1-2% of folks who will actually go on to develop problem gambling issues. We've got to make sure we have treatment available for those folks.”
During a budget briefing Wednesday, Gov. Andrew Cuomo said the law allows the state to directly operate mobile sports betting like the New York State Lottery so that the estimated $500 million will go to the state.
It's expected that New Yorkers will be able to place mobile wagers by the end of the year.