Sen. Addabbo On Continuing The NY Online Gambling Effort Next Year
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New York made progress on expanding its gambling industry this year. On Jan. 8, it launched online sports betting. Lawmakers agreed on a $221 billion state budget that included three retail casino licenses. Only iGaming legalization efforts stalled. However, legislators will resume work to legalize i gaming in 2023.
Addabbo wants New York to join the multi-state poker agreement. Michigan joined the agreement last week. New Jersey launched its online gambling marketplace on January 22, 2021.
Addabbo is the leader of the Senate’s Standing Committee on Racing, Gaming and Wagering. He introduced SB 8412 a month after the launch of New York's first online sportsbooks.
Sen. Addabbo wants to continue the NY Online Gambling Effort next year.
This year's effort to improve the proposed legislation was successful. Lawmakers will have a year to see how well online sports betting works before they have the opportunity to vote on it again.
The budget approved on Thursday is for Fiscal Year 2023. The 2024 budget probably won't include federal aid from coronavirus and Hurricane Ida.
Sen. Addabbo is planning to continue the NY Online Gambling Effort next year. Online casino will bring in more tax revenue than online sports betting.
The front-runners for the three new, "full" gambling licenses already have online gambling links. Sen. Addabbo believes the state may see bids reaching $750 million or $1 billion each. Online sportsbooks saw $4.8 billion in wagers from Jan. 8 to March 31.
Resorts World New York received an online sports betting license in January. Empire City Casino in Yonkers is part of the Las Vegas-headquartered MGM Resorts International empire. MGM and Isle of Man-based Entain jointly own BetMGM.
