Approval for mobile sports betting in New York is all but imminent, but the jury remains out on how lucrative the venture will ultimately be for the Empire State.

According to a report from The Wall Street Journal, legislators are hopeful that mobile sports wagering — something offered legally in neighbouring states after long being a "grey market" endeavour — can yield New York $500 million of tax revenue a year. However, the model — which, according to the state's constitution, requires the computer servers that accept the wagers to be physically based at casinos and potentially limits the number of licensed operators to make use of those servers — could backfire, as bettors would continue to "shop around" for more favourable wagering propositions.

"It's the dumbest thing I've ever seen," said Jeff Gural, owner of Tioga Downs and Vernon Downs, as well the Meadowlands Racing & Entertainment complex in New Jersey, which partners with FanDuel to offer sports wagering in that jurisdiction. "I consider this a gift to New Jersey and to me at the Meadowlands."

The arrangement also is cause for concern for the Oneida Nation, who believes that the proposed legislation violates a compact which grants them exclusive rights to operate casino-style gambling — including sports betting — across a 10-county region of Central New York at an annual cost of $70 million to the state.

To read the entire report, click this link: New York Lawmakers Agree to Legalize Mobile Sports Betting.