New York State Governor, Andrew Cuomo, approved legislation allowing for legal online sports gambling starting in 2022 for New York residents

Spencer Platt/Getty Images

It was announced this week that Governor Andrew Cuomo approved legislation that will allow for online sports betting in the State of New York — starting just in time for the Super Bowl in 2022.

Cuomo signed the bill as part of the 2022 New York State fiscal plan, and New York State Senator Joseph Abbaddo Jr. believes that the first online bets to be placed will be on February 13, 2022, which is the same day as the Super Bowl. New York will become the fifteenth state to allow for some form of online gambling to take place.

Following the 2018 decision made by the Supreme Court to repeal the nationwide ban on sports betting, New York quickly saw casinos pop up across the state throughout 2019. These casinos were safe havens for sports bettors that had been forced to place bets illegally.

With this new legislation, all New York residents will have the ability to place legitimate bets through whichever platform providers win bids with New York State.

New York officials will begin accepting bids from platform providers such as FanDuel by no later than July 1 of this year. New York will be allowed to accept bids from two platform providers to operate in the state. Providers that win bids will pay a one-time fee of $25 million for the right to facilitate sports betting in the state and must also be physically housed in a New York casino.

There will be a recurring $5 million fee associated with operating their mobile betting servers at each casino. A maximum tax rate of 13% has been set for the providers, which would yield a massive boost to the state's tax revenue.

In 2020, online sports betting generated over $200 million in tax revenue for states that allow it. It's estimated that over $20 billion was spent on betting in the U.S. last year, and that's just accounting for legal bets placed.

Governor Cuomo leans toward the New York State Lottery running the online sports betting operation, as it's done in many other states where online gambling is legal; however, many lawmakers opposed this structure and favor allowing private entities to be making bids. Opponents to the state running the online sportsbook argue that it would allow for the state to essentially have a monopoly over the industry and discourage open competition from entering the arena.

Not everyone is pleased with this news, however, as New Jersey is set to take a big hit once online gambling is legal in New York. Currently, many New Yorkers place bets in their neighboring state, as it's been a legal activity there since 2012. Since that time, New Jersey has grown to become the largest sports betting market in America, due in part to the overflow of New Yorkers placing bets just by crossing the Hudson River.

As more professional sports embrace gambling and betting, it's to be expected that more states will join New York by legalizing online sports books. As states are finalizing budgets for 2022, many will be faced with how to make up for unexpected losses as a result of the ongoing Covid-19 pandemic. Legalization of cannabis and sports betting have long been controversial topics of debate, but as unemployment and social services have drained a lot of states' resources over the past 15 month they both may be states' saving graces.

Paul George grabbing a rebound in Game 5 of the Western Conference Finals

Barry Gossage/Getty Images

In a must win game for the Los Angeles Clippers, Paul George was finally able to look like the best player on the floor in a playoff game.

After a slow start, George poured it on in the second half on his way to a game high 41 points in Game 5. The performance elevated the Clippers over strong outings from the likes of Devin Booker and Chris Paul as L.A. outlasted Phoenix 116-102.

The Clippers don't have much time to bask in their win however as they have to turn around and play two more elimination games just to make it out of the West. The Suns jumped out to a 3-1 series lead as Los Angeles struggled to find their identity without Kawhi Leonard. If the Clippers are to stave off elimination any longer, George has to continue this level of play.

Keep reading... Show less

Ben Simmons disappointed in the playoffs this season

Kevin C. Cox/Getty Images

Following a Game 7 loss to the Atlanta Hawks, the Philadelphia 76ers and coach, Doc Rivers, are questioning if Ben Simmons is the right guy to be running their offense through moving forward.

Offense being the key word here.

Simmons is an all-world defender possessing the ability to guard virtually any opponent on the court from the perimeter to the rim. But it was his lack of offensive help throughout this playoff season that stood out beyond any accomplishments this year. Simmons joined Rudy Gobert as unanimous selections for the NBA's All-Defensive First Team this year and also finished fifth in the NBA in assists per game with 8.8 per contest.

Keep reading... Show less

The Lakers looked lost in the Valley

Christian Petersen/Getty Images

The Phoenix Suns are just a win away from sending LeBron James home in the first round of the playoffs for the first time in the King's illustrious career.

After stating that "These shoulders were built for a reason," James referring to facing the challenge of taking on added responsibilities after Anthony Davis was ruled out for Game 5, the Lakers and LeBron disappointed in a big way Tuesday night. L.A. started off hot jumping out to a 10-5 lead behind a couple shots from James and a three from Davis' replacement Markieff Morris. But it didn't take long for the wheels to completely fall off for the defending champion Lakers as they spent most of the first half trying to remember how basketball works.

LeBron James LeBron looking on during Game 5Christian Petersen/Getty Images

Two numbers stick out in the Game 5 loss for the Lakers and those are 34.5 and 12. Los Angeles shot 34.5% from the field on Tuesday night and were minus 12 in turnover ratio. No matter who's on your team, if you can't shoot and you can't protect the ball, the outcome is already determined.

The Suns weren't simply beneficiaries of a poor performance however as the Suns put it on the Lakers early and often and they never let their foot off the pedal for 48 minutes. Phoenix ended with 15 more assists, had seven more combined steals and blocks, and outscored L.A. in the paint by 12 points. Devin Booker and Cameron Payne were spectacular and they seemed to hit big shots every time the Lakers appeared to threaten a comeback. Mikal Bridges was effective on both sides of the ball adding three steals and two blocks to help electrify his team with the defensive effort.

Keep reading... Show less