New York considers Sports Betting to Help Recovery of Economy
Online sports betting in New York is on the horizon. The coronavirus pandemic caused major disruption in economic activity. The halt in all commercial activity left many cities and towns crippled. In New York, the few months of lockdown left most economies at the brink of collapse.
In New York, the division of the budget estimates an entire revenue drop of almost 13.3 billion dollars. This will go on till the year 2024, where it will accumulate to a total of 64 billion. These are all amounts the city cannot afford to go through.
New York vs. New Jersey
The city of New York and New Jersey have an enduring rivalry. The neighboring states are going at each other’s sports betting. However, New Jersey, or the garden state as its called, is a much stronger opponent. New Jersey is much smaller than New York but has a vibrant sports betting league.
Every year there, the state of New Jersey generates up to $64.3 million in tax returns from sports betting. According to collected data, the state of New Jersey benefits immensely from the gambling regulations. And many of them are from New York. Therefore the state will take its residents towards their own economy. New York is struggling because of policymakers’ failures.
According to the governor, “With respect to the difference in population, New Jersey generates $7.24 per capita in sports betting tax revenues compared to $0.05 per capita in New York,” notes Colby. “This discrepancy can be attributed to New York’s strict gambling rules, which prohibit online betting, bets on in-state college teams, as well as bets on sporting events within the state.”
Sports betting in New York sports is anticipating a huge turnout and positive financial gain.
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