New York State Sen. Joseph P. Addabbo Jr. told Bonus on Nov. 8 that he and Assemblyman J. Gary Pretlow will introduce a revised online casino bill before the end of 2023.
That proposed legislation must be enacted by the New York State Legislature and signed by Gov. Kathleen C. Hochul before it can become law in 2024. If all of that happens, legal New York online casino gambling may be able to launch in 2025.
That’s only if online casino legalization follows a similar timeline to online sports betting, which launched on Jan. 8, 2022.
Addabbo, D-Ozone Park, talked to Bonus today about the upcoming online casino bill:
It’s a good starting point for a discussion.
Addabbo and Pretlow, D-Mount Vernon, followed that same discussion process until March 2023 for their proposed online casino bills, S4856 and A3634. The lawmakers met with fellow legislators and iGaming and iLottery industry representatives.
Both pieces of legislation officially died on March 17, when they weren’t included in the annual budget bill.
Revised New York Online Casino Bill, Same Revenue
Addabbo told Bonus today that the New York online casino bill he and Pretlow will introduce before the end of the year will likely generate $1 billion.
While Addabbo didn’t say so, the proposed legislation will likely include the same 30.5% tax rate on operators as the previous measure would have required.
Addabbo said the $1 billion in revenue would help offset the expected $4.3 billion deficit New York is facing in 2024.
He said to Bonus today:
You can’t cut yourself out of a deficit that size … You need revenue.
iGaming Can Build on Sportsbook Success
Addabbo said to Bonus today that state legislators are seeing online sportsbooks generate reliable tax revenue.
He told Bonus:
We still have the no. 1 product in the country …
I think we have to capitalize on the success of mobile sports betting.