The reports of the death of iCasino legislation in New York for 2024, while not greatly exaggerated, are, in fact, at least partially exaggerated.

While New York Gov. Kathy Hochul did not include the potential of online casino revenue in her budget earlier this week, State Sen. Joseph Addabbo — the sponsor of the bill — isn’t ready to call it a day.

“The best-case scenario would’ve been if the governor mentioned iGaming in the executive budget, but she lays out in the executive budget what she wants to do, but not so much how she’s going to do it,” he said. “That’s what the months of January, February, and March are for as we negotiate the intricacies and details of the budget.”

Addabbo said that while cuts are certain during the budget talks, at some point revenue has to be looked at. And Addabbo’s figures show nearly $500 million a year — at a 30.5% tax rate — could come into the state’s coffers if online casino (and iLottery) were legalized in the Empire State.

“The prospect of iGaming is still there, but it’s going to take the governor to embrace it,” Addabbo said. “It should be part of the budget because of the significant revenue impact. Should we do a budget that doesn’t include it? Sure, there will be other opportunities before we end the session in June to pass iGaming legislation, but the easier and most appropriate thing to do would be for the governor to embrace this and talk to the legislative leaders during the budget process. That’s my hope.”

Sports betting success

Addabbo was quick to point out Hochul and her administration have already done a great job with sports betting.

“I appreciate what the governor has already done with gaming,” he said. “Look at mobile sports betting. It’s doing phenomenally well, and nationally and globally we’re seen as a growth market. I give credit to the Hochul administration, and now I’m hoping we expand with iGaming and iLottery.”

The state of New York collected over $862 million in sports betting taxes in 2023, and Addabbo also pointed out another, non-monetary reason to get this legislation passed.

“Regardless of the fiscal situation of the state — you’ve got a deficit this year, a bigger deficit next year and the following year — there’s also the health of New Yorkers. It offers them a safer haven to do iGaming because you know for a fact they’re doing it anyway, but when they do it now, it’s illegal and it’s unsafe and if you really want to help someone in regard to problem gambling, you cannot help them now. You don’t know who they are. Once we regulate it, you can catch that person before they get that addiction, before they lose the house – or worse.”

The New York legislative session is scheduled to run through June 6.

Photo: Getty Images