July 13, 2020
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A municipal bond manager from New York state is resurrecting the debate on legalising mobile sports betting as a way of improving the ailing budget crisis. The debate has been raised in the past but since the devastating effects of the coronavirus on many US states, New York being one of those hit hard, the prospect of the legalisation of mobile sports betting is becoming a reality.
Although sports betting is actually legal in the state of New York already, it is limited to retail betting through its up state casinos which are a few hours away from New York City.
By disallowing mobile sports betting, the state is missing out on millions of dollars in revenue, and with a projected loss of up to $13 billion revenue due to the pandemic, this additional income would be a saviour.
Senior Municipal Strategist, Jim Colby, is heading up the push towards legalisation. He has said that the tax revenue from sports betting should be a strong consideration in fixing the state’s problems as it is by far the fasted growing and most lucrative of industries and would solve many of the state’s current financial problems.
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