Regulated vices, such as sports betting and marijuana, are the kinds of issues that politicians like New York Governor Mario Cuomo tend to steer away from during flush economic times. After all, when people are packing restaurants and shopping malls, purchasing consumer goods of all kinds, there’s no need to muck around with controversial issues like regulated vice. But when the consumer and service economies crash, like they’re doing right now, politicians become much more open to vice and the large tax receipts they generate.
That appears to be the case in New York State where Governor Cuomo has developed a newfound interest in regulated sports betting and cannabis. In a recent press conference, in Albany, Governor Cuomo told reporters that the state is facing a massive budget shortfall due to reduced income from traditional revenue sources. “Are there other ways to get revenue? How about marijuana? How about sports betting?”
It appears that Governor Cuomo is quite serious about launching regulated sports betting in New York and he’s got plenty of evidence and incentive to do so.
For starters, Cuomo has no doubt seen the positive impact that regulated sports betting has had on the budget of his next door neighbor, New Jersey. According to a report on Legal Sports Report, New Jersey pulled in $6.2 million in sports betting taxes off of $50.6 million in sports betting revenue in November alone. It’s believed that at least 20 percent of the legal wagers placed in New Jersey are placed by New Yorkers.
Reports indicate that the Governor may push for regulated sports betting to be included in the next round of budget negotiations and could be on its way to legality in 2021.