NY Senator Joseph P. Addabbo Jr. to Introduce iGaming Bill in 2024

View of New York City with a Highlight of the State in the top Right Corner and iGaming in the top Left Corner

Over the past few years, Senator Joseph P. Addabbo Jr. of New York has tried to introduce iGaming legislation. The senator wants to see NY thrive as much as neighboring states New Jersey and Pennsylvania when it comes to online casino gaming. Despite his efforts, legislation has failed to move forward, but the senator is not giving up.

In a recent interview with Sports Betting Dime, Senator Addabbo Jr. stated that he will introduce a draft for a New York iGaming and iLottery bill this year. The goal is to have the measure introduced and prepped for 2024 legalization. The measure would allow online casino games like slots, blackjack, and online lottery gaming via smartphones or computers.

iGaming Industry is Reliant on Governor Kathy Hochul

Over the coming weeks, the Senator will work on the draft version of the measure. Support will be needed to ensure the measure can move forward in 2024, including getting Governor Kathy Hochul on board.

Addabbo Jr. has pointed out that the revenue from iGaming is much-needed in New York, and the Senator needs the Governor to add the measure to the budget. With the measure added in the budget, the Senator can then work on getting enough support to see the bill pass into law.

This year, Addabbo Jr. tried to see an online gaming bill gain traction, but failed to gain support. S4856 would have legalized online casino games like slots, live dealer, and blackjack. The bill had a high tax rate of over 30%. The Governor chose not to add the bill into the state budget, so it did not move forward.

Losing Out on Millions

New York is currently losing revenue to several neighboring states, including Connecticut, Pennsylvania, and New Jersey, all of which offer iGaming in some form or fashion. Players are crossing into the next-door states to play games online, and New York is missing out on millions in revenues.

According to projections, it seems that online gaming in New York could bring over $1 billion in tax revenues within its first year of operation. Addabbo Jr. stated that he does not typically rely on projections, but it is not unreasonable to believe that New York could reach the billion-dollar mark. In the first year of sports betting services online, the state generated over $800 million in revenues.

The demographic for online casino games is much larger than the sports betting industry, so it is likely that more revenues could be generated. For now, the Senator will continue his push and hopefully be able to finally bring legalized iGaming to the Empire State.

Posted in: iGaming Regulatory & Industry