In a recent revolutionary move to reshape New York's gaming landscape, Senator Joseph Addabbo has introduced a new bill aimed at legalizing online casinos.
The initiative follows a similar bill filed in the previous year, marking a continued effort to bring online casino gaming to the Empire State.
As reported, Addabbo, a vocal advocate for online casino gaming, who discussed the matter in a January 2022 interview, has once again highlighted the importance of online casinos among other topics.
As it stands, only seven states in the U.S. have authorized online casino gaming, with neighboring states such as New Jersey, Connecticut, and Pennsylvania already enjoying the benefits of this expanding industry.
It is thought that the proximity of these states and their positive experiences with online casino gaming might be a driving force behind Senator Addabbo's latest push for legalization in New York.
However, another noteworthy factor contributing to the momentum behind the legalization efforts is New York's remarkable success in the mobile sports betting sector. The New York Gaming Commission recently reported staggering figures for mobile sports wagering in December 2023, with a handle valued at an impressive $2.04 billion.
This marks the third consecutive month of surpassing the $2 billion mark, solidifying New York's position as a leader in the mobile sports betting industry since becoming the first state to achieve this milestone in October 2023.
The proposed bill for online casinos estimates that the state could potentially receive around $1 billion annually in state tax revenue based on conservative market estimates. Additionally, approximately $150 million in one-time license fees are anticipated from casinos, operators, and independent contractors looking to enter the online casino market in the state.
Notably, online casino gaming is recognized for its higher profit margins compared to sports betting, making it an attractive prospect for both the state and potential operators.
Moreover, senator Addabbo's justification for pushing the legalization of online casinos hinges on the strength of New York's mobile sports betting market and the tremendous success of online casino revenue in neighboring states, as stated earlier.
On that note, both New Jersey and Pennsylvania experienced online casino revenue exceeding $3.5 billion combined in 2023, contributing significantly to tax revenue for both states.
The potential economic impact of legalizing online casinos in New York extends beyond immediate revenue gains. As explained by the senator, the industry has the potential to create jobs, stimulate local economies, and provide a regulated and safe environment for residents to engage in online gaming.
As the legislative process unfolds, stakeholders will be closely monitoring the developments and anticipating the positive outcomes that legalized online casinos could bring to the state.
Senator Joseph Addabbo's proactive approach to legalizing online casinos in New York also reflects a broader trend in recognizing the economicand recreational benefits of embracing the rapidly evolving landscape of online gaming.
As the bill progresses through the legislative channels, it holds the promise of transforming New York into a hub for online casino entertainment.
"If we listen to success stories of neighboring states and their contribution to the state's economic growth, I believe we have a chance“, concluded senator Addabbo.
Source:
“Senator Joseph Addabbo introduces new bill to legalise New York online casinos”, gamblinginsider.com, January 12th, 2024.