In a bid to increase state revenue and close impending budget deficits, New York lawmakers are reworking legislation to permit mobile casino gaming, a venture that could inject over $1 billion into the state’s coffers.
This consideration comes on the heels of the notable success of mobile sports betting, which has contributed $729 million to the state in the 2022-23 fiscal year, according to a report from the state Budget Division.
Legislative proponents of iGaming are advocating for the state to embrace online versions of games like blackjack and roulette, accessible via mobile apps, to prevent loss of business to neighboring states where such gaming is legal.
Senator Joe Addabbo, chair of the Senate Racing, Gaming & Wagering Committee, underscores the urgency of the matter as the state looks to address its financial challenges and argues for New York to align with the prevailing trend in regional gambling practices.
As discussions advance, the proposed legislation is undergoing revisions to optimize the tax rate and market structure, aiming to balance revenue generation with a competitive market and job creation.
The bill’s backers are also intent on addressing the anticipated rise in gambling addiction, emphasizing the need for regulations that would enable assistance for individuals affected by iGaming-related addiction. Governor Kathy Hochul has yet to comment on the issue, but her office has stated she will consider any legislation passed by the Legislature.
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