A New York legislator is convinced he’s got the answer to the Empire State’s budget deficit and can build off of the success of legal sports betting.
Sen. Joseph Addabbo filed a new bill that would bring iGaming to New York. This year’s attempt builds off of his 2023 legislative proposal.
This week, Addabbo introduced SB 8185, legislation that would amend the sports betting law to add online casinos. Operators would include current mobile sportsbooks, commercial and tribal casinos already established in the state, and video lottery terminal companies. Their gross gaming revenue from iGaming would be taxed at 30.5%, the same as last year’s bill, and operators would have to pay a $2 million fee for a 10-year license, with one skin offered.
Gaming options
SB 8185 calls for legalizing “any internet-based version or substantial equivalent of a table game, slot machine constituting spinning reels, poker tournament, or any other game as set forth ... and approved by the commission.”
New York would develop live dealer studios and facilities to offer an assortment of popular casino games.
The bill also introduces an internet lottery to New York and adds 0.02% tax revenue to go toward training employees. Like sports betting, the New York Gaming Commission would regulate online casinos.
Snowball’s chance?
Addabbo couldn’t pull off a similar bill, S4856, in 2023. It didn’t garner much buzz in the chamber at all.
However, New York reportedly faces a budget deficit that could surge to nearly $10 billion by the end of 2024. Addabbo believes iGaming can flourish like sports betting, which generated over $862 million of tax revenue for the Empire State in 2023.
Regardless, this is likely to be a hotly contested bill in the New York legislature for the next several months. If Addabbo can drum up enough support early on, it might have a chance to pass by the summer.
