Adds assertion, quotes and hashish proposal NEW YORK, Jan 6
Adds assertion, quotes and hashish proposal
NEW YORK, Jan 6 (Reuters) – New York Governor Andrew Cuomo, dealing with an financial chasm resulting from COVID-19 shutdowns, needs to observe neighboring New Jersey in legalizing cell sports activities betting and leisure marijuana to assist his state regain its monetary footing.
After years of resisting the legalization of on-line sports activities betting, the governor will push for the profitable measure in his State of the State tackle subsequent week
“New York has the potential to be the most important sports activities wagering market in the US and by legalizing on-line sports activities betting we goal to maintain hundreds of thousands of {dollars} of tax income right here at residence, which can solely strengthen our capability to rebuild from the COVID-19 disaster,” Cuomo stated in an announcement.
Underneath his proposal, the New York State Gaming Fee would choose a sports activities operator or platform that has partnered with an current licensed on line casino. Nonetheless, in contrast to another states’ on-line betting schemes, New York’s can be administered so {that a} higher portion of the income goes into state coffers reasonably than to the on line casino, Cuomo stated.
“We need to achieve this the way in which we do the lottery, the place the state will get the revenues,” Cuomo advised a press convention.
On-line sports activities betting in New York was estimated to convey the state as a lot as $500 million a 12 months, Cuomo’s administration stated.
Another income stream that can be pushed by Cuomo is the legalization of leisure marijuana, which was anticipated to ultimately generate greater than $300 million in tax income.
“The governor’s proposal builds on years of labor to know and decriminalize hashish for grownup use,” the Cuomo administration stated in an announcement.
“A long time of hashish prohibition have failed to attain public well being and security objectives and have led to unjust arrests and convictions notably in communities of shade.”
In 2019, Cuomo signed laws to decriminalize illegal possession of marijuana.
Voters in New Jersey in November legalized marijuana for leisure use.
The probability that on-line sports activities betting might assist New York shut its multibillion-dollar price range hole is highlighted by the success throughout the Hudson River, with New Jersey’s sports activities betting deal with, or complete quantity wagered, in November amounting to $931.6 million. On the similar time, New Jersey’s sports activities books recorded $50.6 million in income and $6.2 million in taxes.
An estimated 20 p.c of New Jersey’s sports activities betting income comes from New Yorkers who cross bridges and tunnels to wager.
(Reporting by Barbara Goldberg, Modifying by Nick Zieminski and Steve Orlofsky)
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