Last year, New York governor Andrew Cuomo neglected to include mobile sports gambling in his fiscal budget. Now, with New York facing a massive budget crisis, Governor Cuomo has come around, which is massive news for the industry.
“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 said in a statement to the New York Daily News.
With nearly 20 million citizens, New York is the fourth largest state in the nation. The three largest — California, Texas, Florida — do not have mobile betting yet.
Gambling stocks are up on the news. Flutter (which owns FanDuel, OutKick’s betting partner) is up nearly 3 percent, DraftKings is up 5.6 percent, and Penn National Gaming (which owns Barstool) is up 5.3 percent.