New York Mobile Sports Betting to More Revenue than Cannabis

Details: Category: Gambling Industry; Created: Saturday, 08 May 2021 23:02

The legalization of New York mobile sports betting and cannabis will bring revenue additional revenue to the state. However, mobile sports betting will get more than 100 percent more taxes than recreational cannabis by 2025.

The New York budget for 2021 will be around $212 billion, which was ten percent higher than in 2020. The main driver of the budget growth is federal aid and new revenues from taxes. Also, it included the legalization of mobile sports betting and recreational cannabis. The new revenues will bring around $26.7 billion to the state.

New York Comptroller Thomas DiNapoli estimated that legal cannabis would bring around $20 million in taxes in 2021. On the other hand, mobile sports betting will earn $99 million, which is a difference of 395 percent.

New York Mobile Sports Betting to Bring More Revenue

Legal cannabis will be available in the state within 18 months. Thus, it isn't easy to compare it to mobile sports betting. Although people can be a bookie in three easy steps, they can't start a sportsbook in New York.

By the start of 2025, both mobile sports betting and legal cannabis are already mature. The state expects the yearly tax revenue from mobile sports betting to reach $493 million and $245 million from recreational cannabis.

State lawmakers passed the cannabis bill, and Governor Andrew Cuomo signed the bill into law in March. However, it would take almost two years for adult-use sales to take effect. According to bookie pay per head reviews, the legal cannabis industry will earn $1.2 billion in sales by 2023 and $4.2 billion by 2027.

In April, Governor Cuomo legalized online sports wagering. The New York Gaming Commission will accept bids for mobile sports betting licenses. However, people who learn how to be a bookie today will be at a disadvantage because the state is looking for experienced operators.