Big Board Alerts

January 11, 2024
New York igaming market could generate $1bn, claim lobbyists

A fresh push has been instigated to legalize online casino gaming in New York which insiders believe could generate up to $1 billion for the state in additional tax revenue.

As reported by SBC Americas, the Bet on NY group, which is backed by the Sports Betting Alliance, is making the case that approval for online casinos would provide a shot in the arm for public finances in the Empire State as well as elevating the gaming market.

New employment opportunities as well as enhanced user protections have been pledged for the Big Apple if a bill is carried, to include both gaming and lottery online. New York State Senator, Joseph Addabbo, has reintroduced the proposal for legalization of iGaming.

Online gambling is legal in several US states, including Connecticut, Pennsylvania, Michigan and West Virginia, while Rhode Island is also expected to join the list in April. Addabbo’s bill wants to see online lotteries, such as Mega Millions and Powerball, opened up to New Yorkers, while it also includes online table games and slots.

In Georgia, political representatives have renewed their push to legalize sports gambling but once again, they will face resistance to their plans.

iGaming presents revenue opportunity for New York

As for the New York proposal, the tax revenues to be raised have been mooted as a great source of funding for education.

In 2022, state sports betting operators returned $692.8 million in tax revenue, so further movement with the online market could fill a hole in the significant state budget deficit which is expected to hit $4.3 billion this year.

Senator Addabbo believes New York is leaving crucial funding on the table, whilst nearby states such as New Jersey and Pennsylvania benefit from taxing additional online gambling.

“I was concerned, as we always are when neighboring states do something that we don’t do. It usually means a loss of money or a loss of jobs or a missed opportunity. And I hate missing a golden opportunity,” he stated.

“I was certainly jealous of the fact that they were doing stuff that we should have done in New York.”

The post New York igaming market could generate $1bn, claim lobbyists appeared first on ReadWrite.

 

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