Bill A3634: A Promising Step Towards Online Gaming Legalization in New York
The State Assembly’s advancement of Bill A3634 on February 3rd signals a significant turning point for New York’s potential legalization of online gaming in 2023. State Senator Joseph Addabbo, a staunch advocate for this cause, believes that the Empire State is on the brink of a tremendous opportunity. With the iGaming sector projected to generate more revenue than sports betting, Addabbo emphasizes the urgency of taking action to avoid losing an estimated $4 billion annually to other states and the illegal market.
New York Losing $4bn Per Year
In his persistent push for iGaming legalization, Senator Addabbo highlights the immense financial implications of delaying this decision. The loss of approximately $4 billion in annual revenue poses a significant challenge for the state, especially when considering the potential tax benefits and job creation that come with iGaming. Addabbo stresses the need for the legalization to take effect no later than 2023, emphasizing the detrimental consequences of further delay.
Can iGaming Overtake Sports Betting in NY?
The success of mobile sports betting in New York since its launch in January 2022 has been impressive, generating over $909 million in revenue. However, Addabbo and industry experts believe that iGaming has the potential to surpass sports betting in terms of revenue generation. DraftKings CEO Jason Robbins argues that the legalization of iGaming in New York could mitigate the impact of the substantial tax burden imposed on sports bets. He points to states such as New Jersey, Connecticut, and Pennsylvania, where iGaming has thrived without negatively impacting existing retail gaming operators or the lottery. The fearmongering predictions about the downfall of traditional gaming establishments have proven baseless.
What Next for New York and Online Casino Legislation?
With the introduction of Bill A3634, Senator Addabbo is prepared to spearhead another campaign for online casino legislation during this legislative season, which runs until June. Notably, the bill clarifies that authorizing online casinos would not require amending the state constitution. In 2013, New York voters approved seven commercial casino licenses across the state, resulting in four regulated casinos currently operating in upstate New York.
During this legislative season, the focus will likely be on the process of selecting the three licensees for downstate New York. Prominent operators such as DraftKings, FanDuel, and BetMGM have expressed keen interest in obtaining an online casino license in New York. As the state already boasts live sports betting, players can find the best sportsbooks and promo codes for New York at Online Gambling.
Conclusion
The progression of Bill A3634 in the State Assembly represents a significant step forward in New York’s journey toward legalizing online gaming. The potential financial gains, coupled with the opportunity to prevent revenue loss and create employment opportunities, make the case for prompt action. While sports betting has seen significant success, iGaming holds even greater promise for revenue generation. The online casino legislation process will continue throughout the legislative season, with the selection of licensees for downstate New York taking center stage. Operators are eagerly awaiting the chance to secure their online casino licenses in a market ripe with potential.
Frequently Asked Questions
1. Is online gaming currently legal in New York?
No, online gaming is not yet legal in New York. However, there are efforts underway to legalize and regulate it through the introduction of Bill A3634 in the State Assembly.
2. How much revenue could New York generate from online gaming?
According to projections by Howard Glaser, Head of Government Affairs at Light and Wonder, New York could potentially generate $2.1 billion in annual casino revenue if online gaming is legalized. In comparison, the state generated $1.3 billion in gross revenue in its first year of sports betting.
3. What are the advantages of legalizing online gaming in New York?
Legalizing online gaming in New York would lead to a significant boost in tax revenue for the state. It would also create new job opportunities and prevent the loss of billions of dollars to neighboring states and the illegal gambling market.
4. Will online gaming cannibalize existing gaming operators or the lottery?
Based on experiences in states like New Jersey, Connecticut, and Pennsylvania, there is evidence that online gaming can coexist without negatively impacting existing retail gaming operators or the lottery. The success of online gaming has debunked doomsday scenarios predicted by opponents.
5. How can players access online sportsbooks and promo codes in New York?
Players looking to engage in online sports betting in New York can find the best sportsbooks and promo codes at Online Gambling, a comprehensive platform that provides information and resources for online gaming enthusiasts.
