New York Governor Andrew Cuomo believes the legalisation of online sports wagering could generate $500m in annual revenue once implemented.

As reported by the New York Times, state officials also said the legalisation of marijuana could raise around $350m a year.

The Governor is seeking to reduce a $15bn budget deficit in the state of New York and mobile sports betting has long been championed as a potential new source of revenue.

Many within New York are concerned they are losing revenue to neighbouring New Jersey, as sports bettors unable to play in their home sate head to the Garden State to place wagers.

Elsewhere, New York City mayoral candidate Andrew Yang has said he would propose a casino on Governors Island if elected.

“That casino would generate so much money it would be bananas,” Yang said. “If the city could get that in place and harness some of that – that would be one of the engines of recovery.”

A keen advocate of mobile betting, New York State Senator Joseph Addabbo Jr recently joined the GI Huddle to react to the Governor's earlier comments on sports betting, providing his take on where New York must go next.