Lawmakers are on the verge of finalizing a bill to allow legal, online sports betting in New York, Gov. Andrew Cuomo said Monday.

The agreement could open the floodgates to billions of dollars in wagers that are projected to eventually generate $500 million in annual revenues for the state, Cuomo said.

“We have a conceptual agreement on all issues,” Cuomo told reporters during an afternoon conference call.

The major sticking point involves who would handle the action, with the governor favoring a single, app-based bookmaking operation and the Legislature favoring several.

The Legislature also wants to allow sports betting on Native American reservations and at the state’s “racinos.”

Legislation to enact an agreement would be part of the state budget package, which was due on April 1 and is now five days late.

Cuomo said this year’s budget process has “been complicated” by the COVID-19 pandemic, which has prevented officials from meeting in conference rooms in the state Capito to hash out their differences.