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As New York State Senator Joseph Addabbo Jr. watches New Jersey continue to report record revenue each month after they were one of the first states in America to legalize sports betting, he has grown frustrated by the inaction of legislators in his home state.
In particular, state Senator Addabbo Jr. has his sights on the revenue that New Jersey is cashing in with their online betting as over 80% of all bets in the Garden State are made with the assistance of a mobile app.
In September of 2019, New Jersey’s Department of Gaming Enforcement announced that the state’s take from sports betting reached $37.9 million, roughly $14 million higher than in September of 2018.
“New Jersey continues to release astounding sports wagering numbers month after month, while New York remains largely out of the conversation since we do not allow mobile sports betting as of now,” Addabbo told Bill Parry of QNS.com.
Earlier this year, representatives of the gambling industry told New York’s Gaming and Wagering Committee, that Addabbo Jr. chairs, that 24% of all New Jersey business is coming from New York residents who make the drive to the Garden State.
Addabbo Jr. has been at the forefront of sounding the alarm on tax revenue heading south to New Jersey in the form of betting dollars, something that he wants to remedy by legalizing statewide online betting for New York.
“With New York not allowing mobile sports betting, our revenues will continue to be poured into New Jersey and surrounding states that have mobile sports betting, in addition to a missed opportunity for increased educational funding that is generated from our state’s gaming operations and creation of new jobs,” Addabbo said.
At the forefront of the issue is lost revenue for the state of New York that goes to New Jersey. Since January of this year, the Garden State has taken in $190.6 million in gross revenue.
State Senator Addabbo Jr. told QNS.com that the lost revenue for New York is somewhere in the neighborhood of $47 million according to estimates. That loss of income to the state leaves education underfunded says the state senator.
One of the biggest arguments for Addabbo Jr. is that by failing to legalize online sports betting, the state continues to allow the criminal bookmaking operations to flourish.
“Just because New York does not allow mobile sports betting does not mean that people are not making sports wagers; they are just doing it illegally,” Addabbo said. “Many residents do not want to take a long car ride to make a sports bet, so they go to their local bookie.”
“I believe with mobile and an increase in accessibility to authorized sports betting, we can recapture the revenue currently being lost to illegal sports wagering and as a consequence, increase educational funding as well. I will continue to push for mobile sports betting when the session begins again in 2020.”
New York has legalized four casinos in the state to offer in-person betting at their locations. Addabbo used the $2.3 million the four sportsbooks made for the state in September as an example of why betting would be an economic lift in New York
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