New York Igaming Bill Faces Uncertainty in 2024
Senator Joseph Addabbo recently introduced an iGaming bill in New York, with hopes that the state could potentially benefit from a roughly $1 billion annual revenue. This comes at a time when New York is grappling with a significant deficit, and Addabbo argues that legalizing online casinos could help alleviate this financial burden.
During Governor Kathy Hochul’s $233 billion budget presentation, gambling was mentioned, but it was related to the extension of simulcast revisions and pari-mutuel wagering tax rates. However, there was no reference to the iGaming bill proposed by Senator Addabbo.
The senator remains hopeful for the bill’s passage, but admits that without the support of the governor, he will not put too much energy into pushing it forward. The bill proposes a 30.5% tax rate on iGaming revenue and a one-time $2 million license fee. It also includes provisions for the online selling of lottery tickets. However, a similar bill introduced last year did not garner much support from the legislature or the governor.
While six states have already launched online casinos, there are differing opinions in New York regarding the potential impact of iGaming legalization. Senator Addabbo has been a long-time advocate for gambling expansion in the state and has introduced various iGaming, commercial casino, and sports betting bills over the years. However, opponents of iGaming legalization fear that it would lead to an increase in gambling addiction rates and negatively affect the revenue of land-based casinos in the state.
With uncertainties surrounding the bill’s passage, it remains to be seen whether New York will join the ranks of states that have legalized online casinos. As of now, the fate of the iGaming bill in New York seems uncertain for the year 2024.