The New York State Budget: Why Is Sports Betting Taken Off Of The List?
New York has made headlines around the world recently as one of the worst affected areas from the Coronavirus in the United States, but behind this is a far bigger problem. As a potential lockdown of the area and closures of parks and other areas looms, the closing of businesses is already having a profound effect on the state’s economy. This has therefore led to cuts and several other regulations making this a challenging time for everyone involved. In this article, we will be looking into the New York State Budget and how sports betting is not the main priority.
The Frustration Of Legalising Sports Betting In The State
During this time of economic uncertainty, it is fair to say that any help when it comes to finances is greatly appreciated. But when it comes to the legalisation of sports betting in New York this appears not to be the case. Despite plans to push forwards the bill being pushed through to higherups, they have been met with a resounding no. This is a very confusing time for many in the igaming industry as cuts are being made to healthcare and other vital services when the revenue generated from the gambling industry would be better suited. This would not only limit the money being taken from the health care sector, but it will also generate revenue for small businesses.
Ongoing Coronavirus Outbreak And The New York Economy
For many of those in government in New York during this time, the Coronavirus outbreak is a hugely pressing issue. As one of the worse hit places in America at this time, the closure of businesses and lack of tourism are just some of the issues plaguing the economy. It is reported that the coronavirus outbreak could wipe as much as $15 billion off of the economy in the state.
This has several supporters of sports betting confused about the rejection of these regulations as the industry has the potential to boost the revenue within the state as well as provide funding for those that need it in difficult times. This is key as this can have the right amount of time and money.
Promising Times For New Jersey
However, as the economy in New York continues to suffer, this is a promising time for the economy. This is because New Jersey has legalised sports betting and has seen a vast amount of revenue generated as a result. This is clear as this can have the right amount of time and money, as a result, making it stand out. According to estimates, there was an estimated revenue of $57 million in revenue that was generated. This is a total of $6 million in taxes that New York state could have benefited from. This comes at a terrible time as a number of the New York casinos report loses due to the Covid-19 outbreak.
Will New York Ever Catchup?
At this time of lockdown for the New York state, the passing of legal sports betting is not something that is looking promising. However, as more people look to find more information about NJ and its sports betting rules, several states are beginning to become more accepting when it comes to sports betting in a number of states. Though these are only in the beginning states at this time, this is promising for the economy in the US as well as the production of online games and sporting platforms for people to enjoy.
The Year of Change
As more and more of these states are legalising some form of sports betting in this time of financial uncertainty it is looking promising for the state’s economies. This is due to a vast amount of revenue coming from taxes made in the industry. The percentage of this take however currently differs on a state level with Colorado placing there’s at 10%. This is higher than that of the taxes in Nevada but significantly lower than taxes on revenue in other states. These changes, however, are only on a state level at this time with very little movement from the federal government despite the ongoing changes at a state level.
With this in mind, there is set to be a vast amount of movement on regulations like this in 2020 as a number of governments begin to look for ways to boost state revenue following the effects of the Covid-19 outbreak.