No mention
It appears that online casinos won’t arrive in New York any time soon. Governor Kathy Hochul did not mention the topic during her annual budget presentation for the 2025 financial year on Tuesday, which effectively means that the matter won’t be of importance during the coming legislative session.
New York is currently trying to deal with a significant deficit
Senator Joseph Addabbo introduced an iGaming bill just last week, estimating that the state could eventually benefit to the tune of about $1bn each year. New York is currently trying to deal with a significant deficit, an issue that Addabbo argued legalizing online casinos could help.
Hochul did mention gambling during her $233bn budget presentation, but this related to the extension of simulcast revisions and pari-mutuel wagering tax rates.
Plenty of potential
Senator Addabbo is already on record asserting that without the support of the governor he won’t put too much energy into progressing an iGaming bill. This doesn’t mean that there is zero chance of passage in 2024, but it does seem unlikely at this stage.
The bill would also have allowed for the online selling of lottery tickets
Addabbo proposed setting a 30.5% tax rate on iGaming revenue, as well as a one-time $2m license fee. The bill would also have allowed for the online selling of lottery tickets. A similar bill last year did not get much support in the legislature or from the governor.
Online casinos have much higher profit margins than sportsbooks, which is why six states have launched these types of platforms so far.
Differing opinions in the state
Senator Addabbo is a long-time proponent of gambling expansion in the Empire State and is the current chair of the New York State Senate Committee on Racing, Gaming, and Wagering. He has also introduced various iGaming, commercial casino, and sports betting bills over the years.
Some of the people who oppose iGaming legalization in the state believe that the rollout of these platforms would lead to skyrocketing gambling addiction rates while negatively impacting the revenue of land-based casinos.