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Senator Joseph Addabbo introduces new bill to legalise New York online casinos

Updated:2024-03-20 09:17    Views:129

Senator Joseph Addabbo has put forward a bill in an effort for New York to finally legalise online casinos, following a similar bill that was filed last year. 

Addabbo has been an advocate for online casino gaming in the Empire State for some time, as discussed in January 2022 with Gaming America on the Huddle, where he referenced online casinos, among other things. 

Currently, only seven states have authorised online casino gaming, including New Jersey, Connecticut and Pennsylvania, who are neighbouring states to New York. 

What makes for interesting reading and which may potentially be behind the latest push for online casino is New York’s mobile sports betting figures. 

Last week, the New York Gaming Commission reported its mobile sports wagering figures for December 2023,Online Casino Games for Real Money with mobile sports wagering handle valued at $2.04bn, making it three consecutive months of hitting the $2bn mark, after becoming the first state to do so in October 2023. 

Within this bill for online casino, it estimates that the state would receive approximately $1bn annually in state tax revenue based on conservative market estimates and approximately $150m in one-time license fees from casinos, operators and independent contractors who are seeking to undertake online casino in the state.

Online casino gaming, meanwhile, has a far higher margin than sports betting.

Addabbo’s justification for online casino gaming comes from the fact that New York’s mobile sports betting market is so strong, but also because in 2023, online casino revenue exceeded $3.5bn in both New Jersey and Pennsylvania combined; which generated significant tax revenue for both states. 



 




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