New York Senator Joseph Addabbo is making a new push to legalize online casinos in the state, following a similar bill that was filed last year. Addabbo has been a long-time advocate for online casino gaming in New York, discussing it in a recent interview with Gaming America.
Currently, only seven states, including neighboring New Jersey, Connecticut, and Pennsylvania, have authorized online casino gaming. One possible motivation behind this latest push for online casinos in New York is the impressive success of mobile sports betting in the state. The New York Gaming Commission recently reported that mobile sports wagering hit $2.04 billion in December 2023, marking the third consecutive month of surpassing the $2 billion mark.
The proposed bill estimates that legalizing online casinos would bring in approximately $1 billion in annual state tax revenue and $150 million in one-time license fees. This is based on conservative market estimates and the success of online casinos in New Jersey and Pennsylvania, which generated over $3.5 billion in revenue and significant tax revenue for both states.
With its higher profit margin compared to sports betting, online casino gaming could be a lucrative opportunity for New York. Senator Addabbo believes that the strong mobile sports betting market in the state, combined with the success of online casinos in neighboring states, justifies the legalization of online casinos in New York.
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