Senator Addabbo on Continuing New York’s Online Gambling Effort Next Year

Shutterstock/Kovalov Anatolii

New York has made progress in expanding its gaming industry this year. On January 8, it launched online sports betting. On Thursday, lawmakers agreed on a $221 billion state budget which included Three retail casino licenses. Only efforts to legalize iGaming have stalled.

However, lawmakers will resume work to legalize iGaming in 2023, predicts Senator Joseph Addabbo, D-Howard Beach.

Talk with online poker report Today, he said he still hopes New York will legalize online casino and online poker next year. Not only that, but he would like to see the state of the empire join Multi-State Internet Gaming Agreement (MSIGA).

“I would look for interstate competition,” Addabbo said.

Online poker in New York

Online poker players are notoriously passionate, but are more specialized than American online casino players. This is why the combination of players from different states improves the liquidity of online poker.

This is why Addabbo will want New York to be part of multi-state poker.

However, this wish may take some time. Michigan joined this agreement last week, despite Michigan Gaming Control Board (MGCB) officials thinking it might happen last year.

Still, Michigan acted quickly. This state had only launched its online gambling market on January 22, 2021.

MSIGA now includes four States:

  • Delaware
  • Michigan
  • Nevada
  • New Jersey

Why iGaming Failed This Year

Addabbo moved quickly after the launch of online sports betting in New York to try to launch online casino legislation as well. As leader of the Senate Racing, Gaming and Betting Standing Committee, he presented SB 8412 just one month after the launch of the first online sports betting.

However, he believes that the effort has not been fast enough. He said RPO:

“We started a little too late with iGaming this year.”

That’s not to say the effort was a total loss. Addabbo said what this year had accomplished was to fix the problems with the proposed legislation:

“What he does is he lays the groundwork…in preparation for next year.”

Additionally, lawmakers will have a year to see how well online sports betting works before they have the chance to vote on it again.

Why iGaming might fare better in 2023

The fiscal year 2024 budget likely won’t include federal coronavirus relief and Hurricane Ida difficulties, Addabbo said. (The budget approved Thursday is for fiscal year 2023.)

That September 2021 hurricane caused about $100 million in damage to Metropolitan Transportation Authority (MTA) the infrastructure alone, according to the New York Daily News.

Addabbo said of 2023:

“We’re going to be looking for revenue at this point.”

The online casino will bring in more tax revenue than online sports betting, he said. RPO research shows this has been true in states offering both online casinos and online sports betting.

What is the probability that iGaming will pass in 2023?

Addabbo said RPO:

“I am optimistic.”

Retail casino licensing in the lower state

The precursors to the three new “full” gaming licenses already have online gaming links.

  • Resorts World New Yorka retail casino at queensreceived an online sports betting license in January.
  • Empire City Casino in Yonkers is part of the Vegas– Headquartered The MGM Resorts International Empire. MGM and Isle of man-based hear co-owner BetMGM. BetMGM Casino dominates the US online casino market.

Those land-based casinos are in the lead compete for of them of Three licenses that will probably go for $500 million each, according to New York Times.

Addabbo said RPO he thinks the state could see the deals reach $750 million or even $1 billion each.

His optimism may not be unjustified. Licenses can result in high bids, considering online sports betting saw $4.8 billion in the bets from January 8 to March 31, depending on PlayNY. It’s even with a 51% tax rate on online sports betting, which generated $151.7 million tax revenue during this period.

Source link

Back To Top