New York online sports betting recently eclipsed $1 billion in tax revenue for the Empire State, and now one leading politician is planning to expand upon the state’s gaming accomplishments.
In a release sent to Honey Monkey Pineapple, Sen. Joseph P. Addabbo Jr., one of the original proponents of online sports betting for New York, said he plans to focus legislative efforts on bringing online casinos through iGaming and iLottery to the state next year.
“Having an additional $1 billion from our nation-leading mobile sports betting business to help our students get the best education possible is a tremendous milestone,” Addabbo said in his release. “We should continue to build upon these solid revenue generating opportunities in order to make many additional improvements to our state’s gaming ventures and addiction services. I look forward to greater results with the future eventual arrival of iGaming and iLottery in New York.”
Online sports betting tax revenue topped $1 billion from its Jan. 8, 2022 launch, through May 31, 2023.
iGaming the Next Great New York Gaming Venture
This is not the first time Addabbo has noted his interest in pushing iGaming legislation through in New York. Addabbo actually introduced an iGaming bill this year, but the legislation did not gain much traction. His iGaming bill, S4856, attempted to legalize online casino gaming, including online slots, table games, and live dealer games. The bill included a 30.5% iGaming tax rate. Most states average between 15% to 18% for their iGaming tax rates.
Gov. Kathy Hochul (D) did not include iGaming revenues in her state budget and the bill did not move forward.
But the Senator has made it clear that iGaming will be a priority of his in 2024. If legalized in 2024, it’s likely that iGaming would launch in the state by early 2025.
This is the first public notice he’s sent to the press about his intentions to legalize iLottery, however.
New Revenue Welcome from Expanded Gaming
The senator has previously said that revenue from iGaming could conceivably reach $1 billion a year for New York, which could be earmarked to fund the MTA, a recent point of emphasis from Gov. Hochul.
It is a substantial revenue stream that is currently not earmarked in the state. Online sports betting tax revenue is used to fund various educational programs in New York.
Addabbo noted that funding from iGaming and iLottery can be used to supplement programs to prevent and address gambling addiction as well.