rallied as much as 8.8% on Wednesday after New York Gov. Andrew Cuomo revealed legislation to allow for mobile sports gambling in the state.
The move stands to make New York the most populous state yet to embrace the betting industry. Cuomo previously stopped short of embracing online betting, arguing that a constitutional amendment is necessary to allow for such business. The governor's new proposal will require mobile gambling operators to receive state licenses and partner with existing gaming companies.Wall Street experts are calling Georgia's runoff results 'the first surprise of 2021.' Here's how 4 of them recommend positioning your portfolio for what could happen next.Cuomo endorsed the legislation as part of his plan to help the state rebound from the coronavirus pandemic.
"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 revenue here at home, which will only strengthen our ability to rebuild from the COVID-19 crisis," Cuomo said in a statement. New Jersey legalized sports betting in June 2018, leading some New York residents to travel into the state to make bets. An industry survey cited by Cuomo found that nearly 20% of New Jersey sports betting revenue comes from visiting New Yorkers.