“Elys Game CEO Matteo Monteverdi said the industry clearly sees New York as having the potential to be “one of the largest sports wagering markets” in the United States
January 8, 2021 08:00 AM Eastern Standard Time
After watching neighboring New Jersey generate $930 million in legal sports betting in November, with the lion’s share from online wagering, New York Governor Andrew Cuomo is reportedly ready to go all in.
“New York has the potential to be the largest sports wagering market in the United States, and by legalizing online sports betting we aim to keep millions of dollars in tax revenue here at home, which will only strengthen our ability to rebuild from the COVID-19 crisis,” Cuomo told the New York Daily News.
Elys Game Technology Corp (NASDAQ:ELYS) (FRA:3UW) hailed Cuomo’s proposal to legalize online betting in New York.
“Elys was thrilled to hear Governor Cuomo’s plan to include mobile New York sports betting in his 2021 policy proposals. The industry clearly sees New York as having the potential to be one of the largest sports wagering market in the United States,” Elys Game CEO Matteo Monteverdi told Proactive.
READ: Elys’ new US sportsbook platform is a powerful gaming offering in the North American market
Elys, formerly known as the Newgioco Group, is launching its new Elys Sportsbook platform with sports bar operators in Washington DC. The Elys platform helps licensed operators quickly analyze risk by using sophisticated tech-based risk management, processing technology and adaptive business intelligence.
Elys says mobile wagering in the Empire State could become the country’s crown jewel in the nascent US sports betting market.
“We estimate that about 20% of New Jersey sports wagering comes from New York City. Considering the increase in the New Jersey sports betting handle from 2019 ($4.5 billion) to 2020 ($5 billion through the first 11 months), it’s expected that New Jersey will approach $6 billion in handle for 2020 — keep in mind that in 2020 more than four months passed with no major pro or college sports. Taking that into consideration, imagining a legal mobile option for New York’s 8.4 million residents living in the greater New York City area, New York’s potential is quite obvious,” added Monteverdi.
Under Cuomo’s proposal, the New York State Gaming Commission will request for proposals to select and license a sports operator or platform to offer mobile sports wagering in New York. This operator or platform must have a partnership with one of the existing licensed commercial casinos. The Commission will also require any entity operating mobile wagering apps to have safeguards against gambling addiction.
“Although this is certainly a step in the right direction, we see some issues that arise from Cuomo’s ambitions to launch a lottery-run mobile sports betting market: legal obstacles that could require an amendment to the State Constitution in order to pass; resistance from tribal gaming interests who will want a seat at the table; and many stakeholders who have supported Senator Joseph Addabbo and Assemblyman Gary Pretlow’s efforts the last few years to favor a market driven by several operators,” said Monteverdi.
Contact the author Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive