New York State is losing cash as a result of its decision not to legalize mobile sports betting within state boundaries. A new study conducted by Ayler & Kreichik highlights certain numbers for this loss, making it clearer. State finances are missing somewhere between $203 million and $286 million a year. Leading fantasy sports companies FanDual and DraftKings commissioned the study.
Understanding the impact is essential to understanding the overall picture and ensuring that estimates are associated with real numbers. Online betting services that do not exist in New York appear to take a significant amount of cash from the treasury. In the best case, it’s exactly about $203 million.
For two days, the fantasy sports leader wanted to see a report on the money New York State lost while avoiding legalizing online gambling. The two companies are leaders in the field of adjacent New Jersey games that offer online sports betting and online gambling. This diversity makes it a more attractive arena for gambling not only for locals but also for New Yorkers. New Yorkers Bet About $837M On New Jersey Sports Books.
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FanDual and DraftKings want to make it possible for New Yorkers to bet on sports events, while also participating in online games every day. Ayler and Krychik wrote a report on the topic to thoroughly review the current situation, players’ trends and preferences, regular gaming activities, and the amount of money they bet on illegal gambling schemes. The worst-case scenario is for the state to lose about $286 million by hesitating.
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A recently released report points out that the way to compensate for this amount is through a sportsbook license that requires a significant amount of money to be raised. Approximately 10 licenses are expected to be issued once the government approves online sports betting, with each guaranteeing $12 million per year to go to the treasury.
Continue the conversation
The special report also proposes several approaches to optimizing the taxation process and making the taxation process more efficient. The state’s budget now stands at a deficit of $6 billion, but Governor Andrew Cuomo’s most recent discussions with state lawmakers do not believe legalized online sports will be a possible solution to the problem. It should be considered that some form of online game is gaining huge popularity all over the world. 온라인카지노
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It allows players to participate whenever they want without having to go to casino venues for direct sports betting. This is the main reason why four commercial locations in northern New York are currently unable to reach their total gambling revenue forecast. Governor Cuomo recently made it clear that using online gambling as a revenue source would be an irresponsible measure to increase problem gambling rates.
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State Senator Joseph Adabo is one of the main proponents of online betting on sporting events that made it clear April 1 would be an important date. On the date, there will be a final discussion of the state budget, and Rep. Adabo said it would be the last chance to discuss the issue. Beyond that point, early 2021 will provide the next opportunity for online gambling discussions at the state level.