An Empire State legislature is pushing for iGaming in 2024, despite his 2023 efforts falling short.
New York Sen. Steve Addabbo re-filed S4856, which would amend the state’s legal online sports betting law to allow mobile casino games, this week.
The same bill, which was introduced last February, didn’t go anywhere in 2023, but Addabbo is hoping a reported $4.3 million budget deficit in 2024 changes minds.
Empire State officials don’t want to dip into other funds or raise taxes to make up the difference.
Addabbo argues in the bill that New York would quickly become the “national leader in online casino gaming.”
In a state that generated nearly $650 million in tax revenue from sports betting in 2023, Addabbo says iGaming would bring in $475 million annually. New York would also make an additional $150 million in license and operating fees.
“What we’re seeing is that mobile sports betting in New York is being perceived as the No. 1 product in the country,” Addabbo told Poker Industry Pro last month. “We should build upon that. The timing for iGaming is perfect in the sense that we’re showing that New Yorkers have the propensity and the desire to game with a device, as well as going through a brick-and-mortar site, but poker is very popular, so why miss out on that segment? I think it’s something that you have to consider.”
What else is in the bill?
Addabbo’s bill proposes a 30.5% tax rate for online casino operators and a $2 million license fee for operators promoting under their own brand and $10 million for operators promoting a different brand than their own.
The bill calls for up to 21 iGaming operators and can include brick-and-mortar casinos within the Empire State, online sportsbook companies, New York tribes, two already established video lottery terminal parlors, and independent companies with 5% minority ownership.
The bill also requires an already established problem gambling program.
Neighboring states
Another one of Addabbo’s arguments for legal iGaming in New York, which he laid on in December, is the amount of illegal online casino gaming that the Empire State is allowing untaxed and unregulated, causing unchecked problem gambling.
On top of that, neighbors New Jersey, Pennsylvania, and Connecticut are getting New Yorkers’ money without the state of New York getting a cut.
He also said in December that he’d like to introduce peer-to-peer online poker in the Empire State which could lead to a multi-jurisdiction agreement with states like New Jersey to bring in even more revenue.
It’s unclear if these points will hit home with New York legislators this time around, but Addabbo is likely facing an uphill battle once again.
