ALBANY, N.Y. (NEWS10) — On Wednesday night, legislators passed a bill that includes mobile sports betting, which is expected to provide $500 million dollars in revenue once fully phased in.

“If people are doing it out of state right now, why should that money be going to other states when we could be doing it right here,” explained Assemblyman Chris Tauge.

Under this legislation allowing mobile sports betting, New York state will be issuing a Request for Applications and must select at least two platform providers who must work with a total of at least four operators or skins.

“As a condition of license, casinos will have to be required to house mobile sports wagering, platform servers, and they should also receive $5 million dollars for hosting those servers,” said Tauge.

Rivers Casino in Schenectady released a statement on Wednesday:

As the number one legal sportsbook operator in the state of New York, Rivers Casino is excited about the prospects of mobile sports betting and appreciate Governor Cuomo and the legislature’s commitment to growing New York’s gaming economy.

Greg Carlin, Co-Founder and Chief Executive Officer, Rush Street Interactive

Draft Kings also addressed the New York State budget:

“We want to thank the legislature and Governor Cuomo for the progress made in bringing legal, regulated mobile sports betting to the State. We look forward to learning more as the process continues to unfold.”

Griffin Finan, VP of Government Affairs, Assistant General

When it comes to revenue made from sports wagering, $5 million a year will go toward youth sports.

“I just think it’s so critical, especially now that so many children have been home for a year,” stated Assemblywoman Pat Fahy.

$6 million will also be put into combatting problem gambling. The rest of the money generated will be going towards education.