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New York State to See Billions in Sports Betting Revenue Following US Supreme Court Ruling

The chances that the region of Albany, New York could soon welcome legal sports betting within its borders are getting higher by the day. According to a recent statement, New York State Association of Counties is prompting officials to make a move towards sports wager, as this could benefit the local economy and provide a new revenue source. In order for this to happen, the lawmakers have to come up with a suitable sales tax which to be applied to all online-based purchases.

The state of New York is infamous as the location which sees the highest rates of illegal betting on sports and this has been a common practice for quite some time now. Millions of dollars go to illicit bookmakers and entities operating in the gray sphere of the online gambling sector, which in turn harms both the industry and the community, as the amount of money amassed is not invested back in the development of the region.

Stephen Acquario is the Director of New York State Association of Counties stated that all of this could change is only the authorities decide to make a move and better the overall situation in Albany. The sports betting revenue is expected to go through the roof if the US Supreme Court rules in favor of legalizing the gambling activity, as there are so many people interested in participating in it and placing their wagers on their favorite sports teams.

Mr. Acquario claimed that even though an exact estimation could not be made in the moment when it comes to the expected revenue boost which legalizing sports betting could introduce, but many people acquainted with the industry agree that the amount across the state of New York could reach billions. The association completely backs up the future sports wager activities which could take place in the region.

Legal Sports Betting Has a Lot to Offer to the State

Already existing entities which own gaming licenses issued by the state, such as Off-Track Betting, racetracks, casinos, and parlors which operate video lottery devices all have the potential to develop sports betting activities on their premises and to introduce a fresh flow of capital in the state’s economy. With the help of legalized sports betting the region could benefit from new job positions and more employment of locals, as well as higher revenue rates and more trust from the players.

A considerable influence over the industry have the major professional sports entities, such as the National Basketball Association. NBA Vice President Dan Spillane stated recently that it is high time that the gambling industry welcomed this long-awaited change and gave the green light to sports betting. He also proposed another measure which could prove to improve the state of the industry. According to Mr. Spillane placing wagers should be allowed via the Internet as well as with the help of mobile apps specifically designed for that.

 Author: Hannah Wallace

Hannah Wallace has been part of our team since the website was launched. She has a master’s degree in IT.