State Senator Joseph Addabbo has made public his ambitious intentions to present an online casino and online lottery legislation by the close of 2023, precisely in time for the forthcoming legislative session in January 2024 and the executive budget evaluation. This marks the second attempt by the Senator to bring these iGaming solutions to the Empire State, following an unsuccessful bid the previous year.
A Significant Amount of Work Yet to Achieve
Sen. Addabbo elucidated that there is considerable groundwork that still needs tackling for the legislation to secure a spot in next year’s opening session, involving “eliciting feedback from stakeholders in the sector,” which might encompass casino industry representatives, labor unions, and other related entities.
The Senator remarked that they had employed the same successful methodology when endeavoring to roll out mobile sports betting for players in the state. Despite acknowledging the dissimilar form and structure between the mobile sports betting legislation and the bill being proposed by him along with Assemblyman Gary Pretlow, the Senator saw it as a significant triumph for “approximately 65% of our vision made it into the bill.”
He also lauded the fact that the legislation has proved to be the most triumphant mobile sports betting product in the US.
Given Sen. Addabbo’s resolve to incorporate iLottery into the forthcoming legislation, it’s anticipated that the involved tasks will be markedly more challenging. The Senator projects both these products to yield a state revenue nearing one billion dollars.
The proposed legislation would feature a 30% tax bracket, aligning with the tax scope included in the previous year’s failed legislation that missed the executive budget allocation.
“It’s a Matter of Fiscal Budget”
The Senator voiced his apprehensions about the looming “multi-billion-dollar shortfall” and the reality that the state can’t leverage a tax hike to offset it while suggesting the possibility of generating fresh income through iGaming and iLottery as an alternative route.
He further expounded that the states across America that have legalized online casinos and lotteries essentially “bankroll from our pockets,” citing the significant population of New Yorkers known for their illegal gambling streak.
Sen. Addabbo is of the view that passive observation on the part of the administration would be a counterproductive move, especially in the wake of pundits asserting the state’s annual monetary loss of up to a billion dollars.
In conclusion, the Senator expressed his optimism that Gov. Kathy Hochul would contemplate at least the investigation into the legalization of online casinos within the executive budget as a way to ignite “dialogue and negotiation.”
Back in January 2023, Sen. Addabbo divulged information on the state’s tactics concerning three open licenses for fully functional casinos, affirming the potential positive implications for NY’s gambling future.
