In a monumental move, the New York state legislature has officially legalized sports betting on futures markets, a move that is expected to generate millions of dollars in revenue for the state. The decision was made as part of the state’s annual budget, which was recently signed into law by Governor Andrew Cuomo.
Under the new legislation, bettors will now be able to place wagers on the outcome of future sporting events, such as the winner of the Super Bowl or the World Series. This represents a major shift in the state’s gambling laws, as previously only in-game wagering was allowed.
The decision to legalize futures betting was met with widespread support from both lawmakers and industry experts, who see it as a major boon for the state’s economy. According to estimates, the new market is expected to generate over $100 million in annual revenue for New York, with much of that money going towards funding education and other public services.
However, the legislation also included provisions to address problem gambling, a major concern for many lawmakers. In order to prevent gambling addiction and other negative consequences, the new law includes strict regulations on advertising and promotions for sports betting, as well as funding for programs to help those struggling with addiction.
Overall, the legalization of sports betting on futures markets represents a major victory for both sports fans and the state of New York. With the potential for significant revenue and measures in place to address problem gambling, the future of sports betting in the state looks bright.