Will Gambling Measures Survive Latest New York Budget Reconciliation?

Will Gambling Measures Survive Latest New York Budget Reconciliation?

New York's budget is more than the billion-dollar handout to the Pegula family. Gambling is a significant source of revenue for the state each year. The treatment of gaming in the budget could open the door to more online sportsbooks and downstate casinos. Current proposals need to survive the reconciliation process.

New York budget proposals include gambling expansion. Hochul wants to provide $1 billion in tax revenue for a new stadium for the Buffalo Bills. The Assembly's budget includes a proposal from Assemblyman Gary Pretlow that would open the door for up to seven more online sportsbooks in the state. Senate version has a similar amendment in it, but it adds to that. It would give Class III licenses to MGM Empire City in Yonkers and Resorts World NYC in Jamaica.

The downstate casinos amendment is the favorite of the Senate budget proposal. It would bring in new gaming taxes, a $1 billion licensing fee for the new casino and monthly gaming tax. Several gambling companies confirmed they are interested in opening a casino in New York. The proposal is likely to make it into the final budget.

Pretlow's proposal increases the number of operators and decreases the current national-high revenue split between them and the state. The amendment might see some resistance. Three operators control 95% of the market for online sports betting in NY. It's important to remember that reconciliation is a negotiation process. It is all about ironing out differences between the two one-house proposals.

The proposed legislation for the New York budget is largely devoid of any policy proposals. The biggest question is whether the reduction of the revenue split for online sports betting will be in the final version of New Year's budget. If it is not, the money from as many as 16 online betting might be part of a tax money that ends up in Pegula family's bank account.

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