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Illustration: Aïda Amer/Axios

After watching New Jersey turn into America's new sports betting capital this fall, New York Gov. Andrew Cuomo is ready to embrace mobile betting as a way to generate much-needed revenue for the state amid the pandemic.

Driving the news: In a statement to the New York Daily News, Cuomo said he will make mobile sports betting a central part of his policy proposals to be laid out in next week's State of the State address.

"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."

Between the lines: Cuomo says he wants to run sports betting through the state lottery, as opposed to casinos. "I'm not here to make casinos a lot of money. I'm here to raise funds for the state," he said.

  • This approach has proved "disastrous" in places like Washington, D.C., which has struggled to generate revenue, writes Action Network's Darren Rovell.
  • "A lottery model means only one sportsbook would operate, leading to less competition, worse pricing for consumers and little to no innovation."

The backdrop: New York has been losing out on sports betting revenue for years, as residents travel across the border to place bets in New Jersey, turning the state's train stations into gambling hubs.

  • Wild stat No. 1: An estimated $837 million was bet in New Jersey by New Yorkers in 2019, accounting for roughly 20% of the Garden State's wagering.
  • Wild stat No. 2: New Jersey will approach $6 billion in handle for 2020 — and that's with no March Madness and a four-month sports outage. Once New York gets on board, it could do even bigger numbers — and fast.

Looking ahead: "New York, with a population of nearly 20 million, dwarfs any other state with legal betting and should have no problem regularly topping $1 billion a month in wagers," says industry analyst and former American Gaming Association official Sara Slane.

Go deeper

Updated Jan 28, 2021 - Health

New York AG: State severely undercounted COVID nursing home deaths

Gov. Andrew Cuomo. Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

Data from New York's public health department undercounted COVID-19-related deaths in nursing homes by as much as 50%, according to a report released Thursday by state Attorney General Letitia James.

The big picture: Gov. Andrew Cuomo's administration had not been including nursing home patients who died after being transferred to the hospital in its tally of over 8,500 nursing home deaths. Data provided to the attorney general's office from 62 nursing homes "shows a significantly higher number of resident COVID-19 deaths can be identified than is reflected" in the official count.

FAA clears more planes after 5G fears

Photo: David McNew/Getty Images

The Federal Aviation Administration said Thursday it had approved nearly 80% of the U.S. commercial fleet to perform low-visibility landings at airports with new 5G services after fears of signal interference limited 5G rollout.

Why it matters: The FAA approvals will help provide more certainty after the agency raised fears that 5G signals could reduce the accuracy of certain equipment, known as radio altimeters, that helps planes land and take off in inclement weather.

Dan Primack, author of Pro Rata
2 hours ago - Economy & Business

Peloton stock tanks on report of production halt

Illustration: Aïda Amer/Axios

Peloton stock fell by as much as 25% on Thursday, following a CNBC report that the connected fitness company will temporarily halt production on its bikes and treadmills.

Why it matters: Peloton is viewed by many as a proxy for consumer behavior in the pandemic era, as its popularity surged when gyms closed and people wanted to exercise at home.